Canada to drop threat to impose retaliatory sanctions against US aluminum – Reuters

Canada is set to drop its threat to impose retaliatory sanctions against aluminum imports from the US, Reuters reported on Tuesday, citing a source directly familiar with the matter.

Earlier in the day, the US Trade Representative's office (USTR) announced that they have reached an agreement with Canada to limit imports of raw Canadian aluminum into the United States.

With this deal, aluminum imports from Canada are set to "normalize" to 70,000 to 83,000 tons per month in the last four months of 2020, per Reuters.

Market reaction

The USD/CAD pair largely ignored this headline and was last seen posting small daily gains at 1.3182.