Canada to drop many U.S. tariffs, likely keep duties on autos, Bloomberg says

Canada will remove retaliatory tariffs on a long list of U.S. products that comply with the existing US-Mexico-Canada Agreement, but is likely to keep 25% import taxes on U.S. steel and aluminum products, as well as its tariffs on U.S. automobiles, people familiar with the matter told Bloomberg’s Brian Platt. Prime Minister Mark Carney is expected to announce the decision to change the country’s tariff policy to align more closely with U.S. measures on Friday after a meeting with his cabinet, the report said. Publicly traded automakers include Ford (F), General Motors (GM), Honda (HMC), Lucid Group (LCID), Mercedes-Benz (MBGYY), Nissan (NSANY), Rivian (RIVN), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY). Publicly traded companies in the steel and aluminum space include ArcelorMittal (MT), Cleveland-Cliffs (CLF), Nucor (NUE), Steel Dynamics (STLD), U.S. Steel (X), Alcoa (AA) and Century Aluminum (CENX).