debut: 2/16/17
38,480 runs
Canada's budding Trade war on tariffs
Trump has vowed to impose 25% tariffs on Canada on his first day in office unless Ottawa addresses his concerns about the flow of illegal drugs across the border.Trump has argued that the best way for Canada to avoid the pain of US tariffs would be to join the United States.
The announcement seemed designed to show that Ottawa is unafraid to get into a full-blown trade war, one that would deliver real economic pain to US workers, firms and allies of Trump.“I think we have to be ready,” said Melanie Joly, Canada’s foreign minister, during a press briefing in Ottawa Friday, as she was going into a cabinet meeting to discuss the list of retaliatory tariffs.
Canada is preparing to retaliate with an exhaustive list of tariffs on American goods if President-elect Donald Trump follows through with his plans to add a steep 25% import tax on Canadian goods, people familiar with the matter told CNN. The preparations show how raising tariffs could kick off a trade war that will ultimately raise prices on a number of consumer goods around the world.Canada is the United States’ largest trading partner. The United States imported $419 billion worth of Canadian goods in 2023, including everything from lumber and cement to cars and minerals. Canada is also the largest source of foreign oil into the United States.U.S. goods and services trade with Canada totaled an estimated $908.9 billion in 2022. Exports were $427.7 billion; imports were $481.2 billion.
Approx. The US has a $60 billion deficit with Canada
Office of the US trade Representative
Trump has vowed to impose 25% tariffs on Canada on his first day in office unless Ottawa addresses his concerns about the flow of illegal drugs across the border.Trump has argued that the best way for Canada to avoid the pain of US tariffs would be to join the United States.
The announcement seemed designed to show that Ottawa is unafraid to get into a full-blown trade war, one that would deliver real economic pain to US workers, firms and allies of Trump.“I think we have to be ready,” said Melanie Joly, Canada’s foreign minister, during a press briefing in Ottawa Friday, as she was going into a cabinet meeting to discuss the list of retaliatory tariffs.
Canada is preparing to retaliate with an exhaustive list of tariffs on American goods if President-elect Donald Trump follows through with his plans to add a steep 25% import tax on Canadian goods, people familiar with the matter told CNN. The preparations show how raising tariffs could kick off a trade war that will ultimately raise prices on a number of consumer goods around the world.Canada is the United States’ largest trading partner. The United States imported $419 billion worth of Canadian goods in 2023, including everything from lumber and cement to cars and minerals. Canada is also the largest source of foreign oil into the United States.U.S. goods and services trade with Canada totaled an estimated $908.9 billion in 2022. Exports were $427.7 billion; imports were $481.2 billion.
Approx. The US has a $60 billion deficit with Canada
Office of the US trade Representative
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