The Trump administration announced Friday a deal to lift tariffs on aluminum and steel imports from Canada and Mexico—news that was greeted warmly by business groups that opposed the tariffs.

The U.S. imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports roughly a year ago, with Canada and Mexico imposing retaliatory tariffs in response, NPR reported. President Donald Trump announced the end of the tariffs while speaking to the members of the National Association of Realtors on Friday, saying an agreement had been reached with the two countries. He also called on Congress to ratify the U.S.-Mexico-Canada Agreement, which is his proposed replacement for the North American Free Trade Agreement.

In a joint statement with her Canadian and Mexican counterparts, Aluminum Association CEO Heidi Brock called the lifting of tariffs a major victory for the North American aluminum industry.

"We look forward to working with our governments to ensure that the implementation of this announcement guarantees robust, fair and rules-based trade of aluminum and aluminum products between our three countries," the statement read.

Business Roundtable said in a statement that it "is encouraged that the United States, Mexico and Canada have come to a resolution that lifts steel and aluminum tariffs as well as corresponding retaliatory tariffs." U.S. Chamber of Commerce CEO Tom Donohue said the agreement "will bring immediate relief to American farmers and manufacturers." National Retail Federation CEO Matt Shay said lifting of tariffs "provide much-needed relief for American businesses large and small."

One of the few associations to support the tariffs—the American Iron and Steel Institute—thanked Trump for his "focus on leveling the playing field for our industry" in a statement. AISI CEO Thomas Gibson said the president's use of his tariff authority "has allowed American steel producers to restart idled mills, recall laid off workers and announce plans to invest in over ten million tons of new steelmaking capacity."

"The new agreements with Canada and Mexico will enable us to cooperate further, and take actions as needed to address transshipment, import surges and other related issues in the future," Gibson said.

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