United States Set to Slap 50% Tariffs on $20 Billion in Canadian Impor
Canada said it would retaliate after last-ditch talks failed to stop tariffs on about $20 billion in goods, raising pressure on North American trade talks.
- On Saturday, the United States imposed 50 per cent tariffs on $27.9 billion worth of Canadian products after last-ditch negotiations collapsed, with US Trade Representative Jamieson Greer stating Canada declined to finalize the deal.
- Greer claimed Canada introduced "new demands and walk-backs" of prior commitments, while Prime Minister Mark Carney responded that last-minute changes to US terms were "unfair, uneconomic, and called into question the reliability of any deal."
- Nearly 72 per cent of Canadian goods exports go to the United States, and the two nations traded $880 billion in goods last year; Candace Laing, CEO of the Canadian Chamber of Commerce, warned the tariffs are "a body blow to North American competitiveness."
- This breakdown threatens the future of the US-Mexico-Canada Agreement , as public frustration has surged with a petition to expel the US ambassador, an ally of President Donald Trump, collecting nearly 248,000 signatures since July 21.
- Experts like Ryan Majerus of King & Spalding warn both sides face immense pressure to find an "off-ramp," yet with no further talks planned, the trade conflict appears entrenched for the immediate future.
38 Articles
38 Articles
Canada calls U.S. tariff terms unfair as U.S. plans 50% tariffs on $20 billion goods
The U.S. is set to impose 50% tariffs on about $20 billion worth of Canadian goods after the two countries failed to reach a trade deal. Canada has called the new U.S. terms unfair and uneconomic and vowed to retaliate dollar for dollar. The tariffs will also apply to some Canadian goods covered by USMCA protections, adding to existing duties and tensions between the two neighbours.
Imports of Canadian products to the United States will be subject to new tariffs. US trade representative Jamieson Greer claims that Canada refused the terms agreed upon, and Canadian Prime Minister Mark Carney justifies the 'no' with unacceptable changes imposed by the neighbor at the last hour
The Trump administration is imposing 50 percent tariffs on a series of imports from neighboring Canada. It is a major escalation of the trade conflict, in which both countries point the finger at each other as the culprit.
The negotiations on a trade agreement between the US and Canada have failed. Washington subsequently imposed punitive duties - for the first time also on goods covered by the free trade agreement.
It is an escalation of tensions between the two long-standing allies. The political consequences will therefore likely be even greater than the economic ones.
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