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Canada Responds To Tariffs

04 June, 2018, 00:20 | Author: Priscilla Morrison
  • Trump to impose steel, aluminium tariffs on EU - report

His opinion was echoed by French Finance Minister Bruno Le Maire who said that Mnuchin was alone on the tariff issue, with the group becoming a "G6 plus one" as the other six G7 members had expressed "total incomprehension" over Washington's move.

Earlier Thursday, Trudeau announced retaliatory tariffs in response to US duties on steel and aluminum made in Canada, Mexico and European Union nations.

Bill Morneau, the Canadian finance minister.

"I wouldn't mind seeing NAFTA where you'd go by a different name, where you make a separate deal with Canada and a separate deal with Mexico", Trump said Friday at the White House.

President Trump on Saturday said "UNFAIR" trade practices can "no longer be tolerated", noting the U.S.

Canada's retaliatory tariffs do not go into effect until July, which in theory leaves plenty of time for United States president Donald Trump to reconsider his position.

The EU is set to retaliate with tariffs on a range of USA goods, from Harley-Davidson (HOG.N) motorcycles to jeans and bourbon.

The Canadian tariffs, which foreign minister Chrystia Freeland said are proportional to the United States duties, will be applied to and aluminum as well as consumer products from July 1. The U.S., Canada and Mexico trade more than a trillion dollars in goods annually.

Aside from manufacturing, tariffs will likely affect the agriculture industry, as both China and Mexico listed tariffs on numerous food products.

These items include yogurt, coffee, sugar, toilet paper, sailboats, mattresses, washing machines and lawn mowers- all aimed at exerting pressure on key USA states that export a lot to Canada. "Do Timber & Lumber in USA?" he wrote.

RBC senior economist Nathan Janzen says the same forces could be at play with tariffs on steel and aluminum as a strong global economy and North American industrial sector could absorb prices that already increased when the first tariffs were imposed on several countries.

He said he had spoken with steel and aluminum producers, assuring them the federal government will help companies weather the sanctions. "But we need to respond".

The list of goods set to get hit by the Canadian tariffs varies from industrial steel to sleeping bags.

No last-minute deal: Many officials in the European Union were banking on a last-minute breakthrough deal that would have either extended exemptions to the tariffs, which were first introduced for global steel and aluminum imports in late April, or introduced a permanent exclusion from the tariffs. "The United State (sic) will agree to a fair deal, or there will be no deal at all".

"We absolutely do not rule out countermeasures", Fox said.

Canadian Prime Minister Justin Trudeau said months of intense negotiations between his country, the United States, and Mexico imploded on Tuesday when Vice President Mike Pence demanded that any deal expire automatically in five years.


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