US and Canada Near Deal to Halve Steel and Aluminum Tariffs From 50% to 25% Before Friday Deadline

The United States and Canada are closing in on a tentative trade agreement that would cut US tariffs on certain Canadian steel and aluminum imports from 50% to 25%, according to people familiar with the matter. The deal is not finalized and is not expected to apply uniformly across all metal products, with different tariff rates possible for some derivative goods that contain those metals. The development comes after President Trump paused the threatened 50% broad Canada tariffs for a three-day period late Tuesday, citing progress toward an agreement and referencing a potential revival of the Keystone XL pipeline.

Talks remain ongoing as the Friday deadline approaches, leaving the final terms subject to change.