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BRIEF-U.S. agrees to lift steel and aluminum tariffs against Canada - joint statement

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May 17 (Reuters) - In a joint statement, Canada and the U.S. said:

* U.S. AGREES TO ELIMINATE STEEL AND ALUMINUM TARIFFS ON CANADA WITHIN 48 HOURS, CANADA TO STOP RETALIATORY TARIFFS IN SAME PERIOD

* CANADA AND U.S. AGREE TO PREVENT IMPORTS OF STEEL AND ALUMINUM THAT ARE UNFAIRLY SUBSIDIZED AND/OR SOLD AT DUMPED PRICES

* CANADA AND U.S. AGREE TO PREVENT TRANSSHIPMENT OF STEEL AND ALUMINUM MADE OUTSIDE OF CANADA OR THE UNITED STATES TO THE OTHER COUNTRY

* U.S AND CANADA WILL ESTABLISH A PROCESS FOR MONITORING STEEL AND ALUMINUM TRADE BETWEEN THEM (Reporting by Steve Scherer)