The move would avert retaliatory tariffs Canada and Mexico had been considering to pressure Trump on the issue.
“Things are pretty much settled, but nothing is done until it’s done,” a second person familiar with the situation told CNN.
It also clears a key hurdle for ratification of Trump’s replacement for the North American Free Trade Agreement.
Officials from Canada and Mexico have been adamant that they would not ratify the new US-Canada-Mexico Agreement, signed by leaders of all three countries late last year, until the metal tariffs were removed.
The tariffs, which were imposed last year on national security grounds, have been a source of consternation on Capitol Hill, with lawmakers from both parties calling on Trump to lift them.
The White House move comes after Canadian Prime Minister Justin Trudeau reached out to Trump by phone three times in less than a week.
On Wednesday, Foreign Minister Chrystia Freeland met with US Trade Representative Robert Lighthizer in Washington to try and hammer out the details.
This is a breaking story and will be updated.