In a joint statement released by the United States and Canada on Friday, May 17, the two countries outlined five conditions as part of the U.S. agreement to drop the Section 232 tariffs on steel and aluminum from Canada. "After extensive discussions on trade in steel and aluminum covered by the action taken pursuant to Section 232 of the Trade Expansion Act of 1962 (19 U.S.C. §1862), the United States and Canada have reached an understanding," the statement reads. That understanding is as follows:
1. The United States and Canada agree to eliminate, no later than two days from the issuance of this statement.