Trade War: Canada announces billions in retaliatory tariffs against U.S. “we will not back down” Canadian Foreign Minister Chrystia Freeland said.

Prime Minister Justin Trudeau‘s government released the final list of items that will be targeted beginning July 1. Some items will be subject to taxes of 10 or 25 percent.

Trudeau and President Donald Trump spoke late Friday, in what may have been their first direct conversation since Trump tweeted that Trudeau was “weak” and “dishonest” after leaving the G-7 meetings in Quebec earlier this month.

“As he has said in past conversations and in public, the Prime Minister conveyed that Canada has had no choice but to announce reciprocal countermeasures to the steel and aluminum tariffs that the United States imposed on June 1, 2018,” Trudeau’s office said in a statement.

On Friday, Canada unveiled the list of US goods that it plans to hit with tariffs, or border taxes, beginning on Sunday.

Canada’s latest move is in response to Trump’s sweeping tariffs on Canadian steel and aluminum exports that went into effect at the end of May. And they confirm that even the US’s closest allies will not turn the other cheek as the Trump administration pursues the most aggressive protectionist trade agenda it has in decades.

“We will not back down,” Canadian Foreign Minister Chrystia Freeland said on Friday.

Canada will tax US steel exports at a rate of 25 percent, and the rest of the goods will be taxed at a 10 percent rate. Altogether, they’re planning to target $12.6 billion worth of American goods, which matches the value of the new US tariffs on Canadian steel and aluminum.

It’s a move that highlights the downside of Trump’s America First trade agenda: When he takes steps to protect one domestic industry from foreign competition, other countries take steps to lash out at other US industries.

Canadians are particularly worried about auto tariffs because the industry is critical to Canada’s economy.
.
“I don’t think we’ll see any reaction from the Trump administration. They are prepared for this,” said Dan Ujczo, a trade lawyer in Columbus, Ohio. “Candidly, the Canadian retaliation is a drop in the bucket compared to the retaliation that we’re going to see from China and elsewhere.”



Categories: News

Tags:

17 replies

Trackbacks

  1. The U.S. stock market is a few days from hitting a notable milestone. But is not a Good News. – Stock Market News Today
  2. Major markets ended lower for the third straight week as U.S. trade policy took its toll on investor and business confidence. – Stock Market News Today
  3. U.S. tariff deadline looms – China’s shares slump – Stock Market News Today
  4. Fears surrounding a potential trade war between the U.S. and other major economies continue to plague market sentiment around the world. – Stock Market News Today
  5. Theresa May’s entire cabinet is supposed to finally settle on a policy for the UK’s long-term relationship with the EU as a non-member, expectations are that the prime minister is manoeuvring towards an arrangement known to the initiated as “the Jer
  6. Theresa May’s entire cabinet is supposed to finally settle on a policy for the UK’s long-term relationship with the EU as a non-member, expectations are that the prime minister is manoeuvring towards an arrangement known to the initiated as “the Jer
  7. Theresa May’s entire cabinet is supposed to finally settle on a policy for the UK’s long-term relationship with the EU as a non-member, expectations are that the prime minister is manoeuvring towards an arrangement known to the initiated as “the Jer
  8. Boeing is working actively behind the scenes to avert an escalation of the bitter US-China trade war, amid concerns about the risks for a company that is the top US exporter. – Stock Market News Today
  9. The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. – Stock Mar
  10. The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. – Stock Mar
  11. The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. – Stock Mar
  12. The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. – Stock Mar
  13. The U.S. economy grew at its fastest pace in nearly four years in the second quarter as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July. – Stock Mar
  14. Today’s Top Stock Market News. Daily Overview on the News from the Stock Market. Wednesday – 2018/08/29 – Stock Market News Today
  15. The United States is optimistic about finding a way forward in its trade dispute with China. – Stock Market News Today
  16. Energy stocks drove gains in Europe as oil prices held near four-year highs. – Stock Market News Today
  17. For California fire victims, it will be a long, tough road to rebuild. The costs of some materials are rising, thanks in part to President Trump’s trade war. – Stock Market News Today

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: