US Canada steel aluminum tariff reduction talks

The United States and Canada are in talks to reduce tariffs on Canadian steel and aluminum exports to 25%, halving the current 50% rate, as part of a broader trade deal. The discussions follow President Donald Trump's pause of planned 50% levies on billions of dollars of Canadian goods for three days to allow more negotiation time. The deal is not expected to apply uniformly, with possible exclusions and different rates for derivative products. The United States — White House, USTR, and Canadian Prime Minister Mark Carney's office have not commented. Market reactions include a surge in Algoma Steel shares and declines in Nucor and Century Aluminum. The The Coalition for a Prosperous America has lobbied to maintain protections for U.S. aluminum fabrication, citing 125,000 jobs at risk. Canada is the top source of U.S. aluminum imports, and imported Canadian supplies make up about half of U.S. aluminum consumption.