A trade deal between the US and Canada is reportedly pending that could halve Canada\u2019s Section 232 steel tariffs.<\/p>\n
Bloomberg reported<\/a> Wednesday that the tentative trade pact would lower tariffs on some steel and aluminum products from 50% to 25%. A decrease from 25% to 15% would apply to tariffs on automobiles, according to Bloomberg<\/a>.<\/p>\n Anonymous sources familiar with the matter told the news agency that details are still being hashed out, but the tariff reductions are not expected to apply across the board.<\/p>\n The deal is a response to President Trump\u2019s threat to impose new Section 338 tariffs on certain imports from Canada totaling nearly $30 billion. The tariffs were supposed to take effect Wednesday, but the president paused them to give trade officials more time to reach a deal.<\/p>\n \u201cI have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three-day period, based on the fact that Canada and the USA, subject to the finalization of documents, have a DEAL!\u201d the president said in a Truth Social post<\/a> on Tuesday.<\/p>\n In the same post, Trump teased the revival of the Keystone XL Pipeline. It \u201cmay be awoken from the grave!\u201d he exclaimed.<\/p>\n Canadian Prime Minister Mark Carney said in a statement<\/a> on Tuesday that \u201cSubstantial progress has been made, although there is important work still to be done.\u201d Midday Wednesday, he said<\/a> they continue to move toward an agreement.<\/p>\n No formal announcement had been made as of this story\u2019s publication.<\/p>\n