Canada To Announce C$29.8 Billion In Retaliatory Tariffs Against U.S.
Canada will announce C$29.8 billion in retaliatory tariffs against the United States on Wednesday in response to U.S. President Donald Trump’s steel and aluminum tariffs, a Canadian official said.
The official declined to be identified.
Trump’s higher tariffs on steel and aluminum imports take effect Wednesday as previous exemptions, duty-free quotas and product exclusions expire, and as his campaign to reshape global trade norms in favor of the U.S. gains momentum.
Canada is the largest foreign supplier of steel and aluminum to the United States.
The escalation in the U.S.-Canada trade war comes as Prime Minister Justin Trudeau prepares to hand over power this week to his successor Mark Carney, who won Sunday’s ruling Liberal Party leadership election.
Carney said Monday that he could not speak to Trump until he was sworn in as prime minister. Trump again said on social media that he wants Canada to “become the 51st State that we love.”
Source: Investing.com
