Canada hits US with counter-tariffs on more than 700 products

1 week ago 8

Canada imposes tariffs connected US goods worthy $19.9bn goods which volition instrumentality effect connected September 8 arsenic commercialized talks with Washington collapse.

Canada has announced retaliatory tariffs against the United States arsenic the commercialized warfare betwixt Washington and Ottawa escalates, impacting hundreds of products.

On Tuesday, the Canadian authorities said it would enforce tariffs connected 27.6 cardinal Canadian dollars, oregon $19.9bn, worthy of US goods, matching “dollar for dollar” the caller US duties that Trump imposed. It besides announced a caller program for fiscal enactment for businesses caught successful the commercialized war.

Negotiations deteriorate

The caller tariffs travel aft US President Donald Trump imposed 50 percent tariffs connected Canadian products connected Saturday, impacting $20bn worthy of Canadian goods, lone days after announcing a deal.

On Monday, Trump announced new tariffs connected Canadian autos, which would treble existing tariffs to 50 percent from January 1.

Trump has besides hurled insults astatine Canada successful caller days. On Tuesday, Trump said that helium was considering renaming Lake Ontario – the easternmost of the Great Lakes, which borders the Canadian state of Ontario – “Lake America”. The US president besides referred to Prime Minister Mark Carney arsenic “Governor Carney”, echoing longstanding remarks astir annexing Canada arsenic the “51st state”.

On Tuesday, Trump claimed successful a station connected Truth Social that the US mislaid $60bn to Canada annually for the past decade.

But Canada maintains a commercialized surplus with the US of 9.9 cardinal Canadian dollars ($7.1bn), according to Statistics Canada. Al Jazeera reached retired to the White House for clarification but did not person a response.

US consumers consciousness the pinch

The interaction of US tariffs is expected to beryllium felt by US businesses and consumers. Cars and car parts person been exempt from the tariffs that were imposed connected Saturday, but person been a constituent of contention betwixt Washington and Ottawa.

Canada is the largest purchaser of US-made cars, which could enactment unit connected American carmakers who trust connected Canadian demand.

Meanwhile, US households could look higher prices connected 550 user goods imported from Canada due to the fact that of Trump’s 50 percent tariff. Those products see crystal skates, toilet paper, immoderate alcoholic beverages and paint.

That could drastically impact Americans, according to a study from the Kiel Institute for the World Economy, an economical deliberation tank, which recovered that US importers and consumers sorb 96 percent of the tariff burden.

Markets react

The terms of gold, which is mostly considered a harmless concern successful times of economical uncertainty, is trending upwards aft falling astir 1 percent earlier connected Tuesday. It remains mostly flat, down lone 0.03 percent astatine $4,696 per ounce.

The US dollar has remained reasonably stable, down 0.04 percent connected Tuesday to 98.96, portion the Canadian dollar scale has risen comparably by 0.04 percent to 72.27.

On Wall Street, the Nasdaq is up 0.5 percent, the Dow Jones Industrial Average is flat, and the S&P 500 is up 0.2 percent.

In Toronto, the S&P/TSX Composite Index is up 0.6 percent.

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