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Canada hits back at U.S. with own tariffs

Canada hits back at U.S. with own tariffs

It begs the question: what comes next?

In announcing which us products would be slapped with either a 25 per cent or 10 per cent surtax, Foreign Affairs Minister Chrystia Freeland asserted that Canada "will not back down".

"We will not escalate and we will not back down", Freeland told reporters in announcing the tariffs. These tariffs will take effect on Sunday.

Canadian Prime Minister Justin Trudeau speaks on June 9 at the conclusion of the G7 summit in La Malbaie, Quebec.

Canadian Foreign Minister Chrystia Freeland announced the final measures on Friday, saying that they would take effect on Canada's July 1 national holiday.

"The two leaders agreed to stay in close touch on a way forward", it said.

U.S. President Donald Trump has threatened to escalate the trade tiff between Canada and the United States by musing about a 25 per cent tariff on all vehicles crossing the American border.

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The ministers highlighted the $2 billion USA annual trade surplus on iron and steel products with Canada, and doubled down on calling the national security argument-the reason given by the US for imposing tariffs-as "inconceivable and completely unacceptable".

Canada's Freeland called the idea of auto tariffs "absolutely absurd".

The Government of Canada will invest $50 million over five years to help Canadian companies diversify their exports to take advantage of new trade agreements, such as CETA and CPTPP.

So, the President of the United States of America (USA), Donald trump had previously expressed the opinion that Canada should not raise tariffs in response to trade restrictions Washington, because the country has a high trade surplus with the United States. That might change with the prospect of auto tariffs, though she stated that she hopes common sense would prevail.

Business groups said Friday it was too early to know the impact until licensing and other rules are released. "I think all of us, at this point, fully anticipate there will be some moments of drama in the future".

President Donald Trump infuriated US allies - from Canada to Mexico and the European Union - by imposing tariffs of 25 percent on imported steel and 10 percent on aluminum.

About 6,000 jobs in Canada are at risk due to the U.S. tariffs, the CD Howe Institute has estimated. The situation means it's now a top priority for stalled NAFTA talks to get moving as soon as possible, he said.

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How many tariffs are there on USA products now?

"Frankly, had we done nothing, I think Canada would really have lost out at the end of the day". A WTO official said Friday that the organisation has not heard from the U.S. about reconsidering its membership. Canada is a small economy and relies on its trade with the U.S. But businesses could start relocating to the U.S. if the standoff becomes protracted.

While there were calls to impose the retaliatory tariffs immediately, the government opted to hold off until July 1 and hold consultations on the retaliatory measures on an array of US goods.

"As he [Trudeau] has said in past conversations and in public, the prime minister conveyed that Canada has had no choice but to announce reciprocal countermeasures to the steel and aluminium tariffs that the United States imposed on June 1, 2018", Trudeau's office said in a statement.

The United Steelworkers said the government should be ready for a more ambitious financial package, including more direct help for affected workers if the dispute lasts longer.

"We know the majority of Americans are good people, many of whom are embarrassed by their president".

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