U.S. lifts steel and aluminum tariffs on Canada and Mexico

Former Mexican President Enrique Peña Nieto, President Trump and Canadian Prime Minister Justin Trudeau at the G20 last year. Photo: Martin Bernetti/AFP/Getty Images

Trump confirmed in a Sunday tweet that the U.S. would lift steel and aluminum tariffs on Canada and Mexico starting Monday.

Why it matters: The move will make it easier for the USMCA, NAFTA's replacement trade deal, to be approved by the three nations. The tariffs would be replaced by stronger enforcement measures, according to Bloomberg. There will not be any quotas or limits imposed on imports of the metals, it said.

Trump's cooler trade war

Photo: Saul Loeb/AFP/Getty Images

Friday marked a cool down on the non-China trade war front, providing a glimmer of hope that the global economy can avoid the worst-case scenario of global trade wars.

Driving the news: The White House delayed its auto import tariffs for 6 months, which would have hit Japan and Europe especially hard. The U.S. is also preparing to lift its steel and aluminum tariffs that Trump imposed on Mexico and Canada. The three will focus on preventing cheap imports to North America, the U.S. and Canada said in a joint statement.