The United States last week agreed to remove steel and aluminum tariffs on Canada. Canada, in turn, has agreed to scrap the tariffs it imposed in retaliation, according news reports. In a joint statement on May 17, the two countries said they have agreed to eliminate the tariffs within 48 hours.

Sources said late last week that Trump administration also had also reached a deal to remove steel and aluminum tariffs from Mexico.

“Today’s announcement that the Trump Administration is lifting the 232 Steel and...