CTV News has learned that the United States and Canada have finally reached an agreement to lift the steel and aluminum tariffs Friday afternoon. 

This comes after Prime Minister Justin Trudeau and U.S. President Donald Trump spoke Friday about the tariffs, and Trudeau is scheduled to hold a news conference at Stelco in Hamilton, Ont. Friday afternoon.

Tariffs of 10% on aluminum and 25% on steel went into effect last June, with President Trump saying it was necessary out of ‘national security.’

The tariffs have crippled the Canadian steel industry in places like Sault Ste. Marie and Hamilton, among others.

In the past, Algoma Steel Inc. president, Michael McQuade, has said the Sault's Steel plant was losing $1-million a day from the tariffs. Earlier this year Algoma Tenaris Tubes laid off most of its workers, blaming the tariffs for lack of sales.

Local, provincial, and national politicians have been lobbying hard to get the tariffs removed.

CTV Northern Ontario’s Jairus Patterson is following the story and will have local reaction shortly.