Canada Ends Tariffs on US Goods as Trade Tensions Ease

"Finance Minister Bill Morneau announced that effective today, Canada is lifting its retaliatory countermeasures against the United States," the press release stated.

READ MORE: Mexico, Canada See Opportunity to Negotiate End to US Metal Tariffs — Secretary

The announcement followed a Friday decision by the United States to end tariffs on Canadian steel and aluminium that were imposed before successful negotiations that yielded a new trade agreement between the United States, Canada and Mexico to replace the 25-year-old North American Free Trade Agreement (NAFTA), the release added.

Canada initially responded to the sanctions by imposing reciprocal, dollar-for-dollar countermeasures against imports of steel, aluminium and other products from the United States.

Last year, Washington decided to no longer exempt Canada and Mexico from its 25 per cent tariffs on steel imports and 10 per cent duties on aluminium imports. Back then, Trump urged Canada and Mexico to ban Chinese steel from entering the US through their territory, stating that foreign metals posed a threat to national security.