A Step Towards the New NAFTA: Part II
On May 17, 2019, Canada and the United States agreed to remove reciprocal trade restrictions on steel and aluminum – the U.S. “national security” tariffs and Canada’s countermeasures. In Canada, the removal of the U.S. Section 232 tariffs without the maintenance of residual quotas or export restrictions (the initial U.S. condition) was considered an important “win.” While Canada did succeed in this regard, it did agree to “snap back” provisions; the tariffs can be re-introduced on a product-by-product basis in the event of a “surge” of imports of steel and aluminum beyond historic levels due to imports from third countries. . . . [more]
