The U.S. cancelled its 10% tariff on aluminum imports.
Many Canadian importers and exporters will be relieved that the United States has cancelled its 10% tariff on aluminum imports. This tariff applied on a wide range of aluminum and aluminum-containing products imported into the United States from Canada as of August 16, 2020, and has now been cancelled retroactively to September 1, 2020. In response, Canada has similarly withdrawn its own retaliatory countermeasures, which it was preparing to impose against imports from the United States.
Companies affected by this change should contact their tax adviser to determine whether they may be eligible for a refund of any U.S. duties already paid as a result of the tariffs. In addition, companies should be cautioned that tariffs may again be re-imposed where imports of steel and aluminum products "surge meaningfully beyond historical values".
Download this edition of the TaxNewsFlash to learn more.
© 2021 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.