SMM News: Bloomberg quoted sources as saying that the United States is prepared to eliminate steel and aluminum tariffs on Canada and Mexico to help clear the way for the approval of the new version of the U.S.-Mexico-Canada North American Free Trade Agreement (USMCA). The effective date of the removal of tariffs is a prominent issue.
If the news is true, it means that the United States will abolish tariffs of 25 percent and 10 percent, respectively, on imports of steel and aluminum from two neighboring countries, a tariff policy that has been in place for nearly a year.
Wall Street noticed that on the same day of the Bloomberg news, that is, Friday morning, US Eastern time, the state media Canadian Broadcasting Corporation (CBC) also said that it had learned that Canada and the United States were close to reaching an agreement on the abolition of steel and aluminum tariffs. It could be announced as early as Friday at the earliest.
U. S. stocks rose more after the Bloomberg news. The Dow rose above 25940 points in intraday trading, up nearly 90 points in the day.
At one point, S & P's gain widened to more than 0.3 per cent.
The index weighed 7900 points, flattening a decline of about 0.03 per cent and rising, rising by more than 0.02 per cent at one point in the day, but has since fallen back.
At one point, the Mexican peso wiped out more than 0.2 per cent of its decline against the dollar, while the dollar fell below 19.10 against the peso, refreshing its intraday low.
The Canadian dollar expanded its gains and refreshed the day's highs. At one point, the US dollar fell below 1.3450 against the Canadian dollar.