Mexico expects the U.S. to stop steel and aluminum tariffs this month, before the U.S. Mexico And Canada sign a new trilateral trade agreement.
Mexico expects Trump will agree to lift the tariffs in exchange for signatures on the new U.S.-Mexico-Canada Trade Agreement, which updates the North American Free Trade Agreement. A Government official from Mexico says the expectation is that by the time of signing there “will be either a solution or a very clear track” that the tariffs will end, according to Politico. Removal of the steel and aluminum tariffs would allow Canada and Mexico to remove retaliatory tariffs imposed against roughly $15 billion in U.S. exports.
A recent report from Farm Foundation claims the retaliatory tariffs in response to steel and aluminum tariffs would cause U.S. exports to Mexico and Canada to decline by $1.8 billion, despite a new trade agreement, if not removed.