USTR statement
Canada was set to hit the US with retaliatory tariffs today but this could change the state of play. The USTR said that trade in non-alloyed, unwrought aluminum is likely to normalize in the final four months of 2020 and will be removing tariffs retroactive to Sept 1. The 10% tariffs went into effect on August 15.
Trudeau had set a press conference for 3 pm ET today to impose $3.6B in counter measures.
USD/CAD has ticked lower on the headlines but it's a small move.
The devil might be in the details here. The statement from the USTR implies quotas:
