By removing the metals tariffs on Canada and Mexico, Trump cleared a key roadblock to a North American trade pact his team negotiated previous year.
The statement said the countries have agreed to eliminate all tariffs the United States imposed under Section 232 on imports of aluminum and steel products from Canada, and all tariffs Canada imposed in retaliation for the action taken by the US.
Friday's tariff agreement, which enlists Canada's help in policing the North American steel market against Chinese dumping, could be seen as pushing Canada even deeper into America's corner.
Additionally, "the United States and Canada agree to terminate all pending litigation".
"We stayed strong", he said.
According to research from American University, many Japanese and German-branded cars sold in the United States have more USA and Canadian-made content than do some models from American brands.
The Center for Automotive Research warned in a report past year that Trump's proposed tariffs would add up to $6,875 on average to the price of a vehicle and put hundreds of thousands of jobs in the sector at risk.
USA lawmakers with constituents suffering from Canadian and Mexican retaliation, including Senate Finance Committee Chairman Chuck Grassley, also said they would not consider a USMCA vote with the tariffs in place.
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On the North American front, the trade war is over.
Prior to speaking to journalists, Trudeau toured Stelco and met workers to break the news directly to them first.
They warned that a fresh tariff battle would also jeopardize their ability to export US-made products internationally and put jobs at risk.
This announcement comes after Trump talked by phone with Trudeau about both the USMCA trade deal and the tariffs.
His proclamation said that maintaining the 25% tariffs remains "necessary", however.
The reports cited statistics that US -owned companies' share of the USA automobile market has declined from 67 percent, or 10.5 million units produced and sold in the United States, in 1985, to 22 percent, or 3.7 million units produced and sold in the United States, in 2017.
President Trump put a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum past year after a Commerce Department study found a surge of imports was a danger to national security.
In justifying tariffs for national security reasons, Commerce found that the USA industrial base depends on technology developed by American-owned auto companies to maintain US military superiority.
General Motors past year warned that import tariffs could cost jobs and lead to a "a smaller GM" while isolating United States businesses from the global market.
Meng, who is caught up in an American indictment that accuses Huawei of violating US sanctions against Iran, is awaiting an extradition hearing to determine whether she will be sent stateside to face charges.