President Donald Trump said the U.S. will lift steel and aluminum tariffs on Canada and Mexico, Bloomberg reports.

“I’m pleased to announce that we’ve just reached an agreement with Canada and Mexico and will be selling our product into those countries without the imposition of tariffs or major tariffs,” Trump stated.

The move will lift the 25% steel and 10% aluminum tariffs the U.S. placed on its North American neighbors almost a year ago. The tariffs are slated to end within 48 hours.

In a joint statement, Canada said it will lift retaliatory duties on U.S. products as part of the deal, Bloomberg reports. Mexican Deputy Foreign Minister Jesus Seade said the deal would open the way for Mexican lawmakers to approve the new North American trade deal.

“As part of the agreement, the U.S. will be able to re-impose the tariffs on metals imports if not enough is done to prevent any surge of metals imports beyond historical levels,” Bloomberg reports. “The nations have also agreed to ramp up efforts to trace where the metals have come from originally, to stop the diversion of shipments from other nations to dodge tariffs.”

“This move, coupled with the lifting of retaliatory duties, will bring immediate relief to American farmers and manufacturers,” said Tom Donohue, president of the U.S. Chamber of Commerce.

The tariffs were justified after the Commerce Department reported that steel and aluminum imports “threaten to impair the national security,” as defined by Section 232 of the Trade Expansion Act of 1962.

The months after the tariffs were imposed were often chaotic for U.S. fastener manufacturers and other companies attempting to win exclusions from the duties.

The Industrial Fasteners Institute had warned against the 232 tariffs.

“In our view, the negative effects on downstream consumers of steel and aluminum far outweigh any benefits that may be afforded to the domestic metals industry,” the IFI stated in an official letter sent to the White House in early 2018. “Specifically, we suggest that the negative impacts from these remedies will do more harm than good to our economy and national security than they will provide benefits to the domestic metals producing industries.”

The IFI joined 14 other trade associations representing over 30,000 US steel-using manufacturers to warn that the entire U.S. steel supply chain “will be damaged by restrictions on steel imports.”

Detroit’s three automakers each paid billions in 2018 because of the increased duties on metal, USA Today reports.

“At GM, for example, tariffs and commodity costs dinged its 2018 earnings by about $1 billion. Ford reported a similar impact and Fiat Chrysler reported about a $500 million hit.”