Trump Raises Canada Tariffs!
United States President Donald Trump will impose new 50% tariffs on some Canadian products. This policy is in response to what the White House calls Canada's discriminatory treatment of US cars, alcohol, and dairy products.
Trump has reportedly signed three proclamations implementing the tariffs. This policy is based on Section 338 of the Tariff Act of 1930, a long-standing law that allows the US to impose tariffs of up to 50% on imports from certain countries.
The new tariffs are scheduled to take effect on August 19th. The policy remains in effect even if the goods subject to the tariffs comply with the United States, Mexico, and Canada Trade Agreement (USMCA).
However, not all Canadian products will be affected by the tariffs. Some commodities, such as energy, potash, fish, essential minerals, and products already covered by the Section 232 tariffs, are affected by this new policy.
As a result, trade tensions between the US and Canada have the potential to escalate. Canadian Prime Minister Mark Carney stated that his country is ready to strengthen talks with Washington, after Ottawa assessed that the US's unilateral policy could violate existing trade agreements. (asd)*
Source: Newsmaker.id
