Now Reading: Trade war escalates? Trump says Canada ‘ripping US off,’ eyes new tariffs on dairy, lumber
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Trade war escalates? Trump says Canada ‘ripping US off,’ eyes new tariffs on dairy, lumber
Trade war escalates? Trump says Canada ‘ripping US off,’ eyes new tariffs on dairy, lumber
US President Donald Trump on Friday threatened to impose reciprocal tariffs on Canadian dairy and lumber merchandise, escalating commerce tensions simply days after quickly exempting sure imports underneath the North American commerce pact.
“Canada has been ripping us off for years on tariffs for lumber and for dairy products,” Trump stated, including that the US would impose an identical tariffs until Canada drops its restrictions. “We may do it as early as today, or we’ll wait till Monday or Tuesday.”
The warning comes after Trump’s administration imposed tariffs of as much as 25% on imports from Canada and Mexico earlier this week, earlier than granting a brief reprieve on Thursday. However, Trump signaled that future will increase have been doable, telling Fox Business that “tariffs could go up as time goes by.”
White House commerce advisor Peter Navarro defended Trump’s method, saying, “The uncertainty is created by the fact that people don’t take President Trump at his word.”
Despite some exemptions underneath the United States-Mexico-Canada Agreement (USMCA), a White House official confirmed that 62% of Canadian imports and 50% of Mexican imports will nonetheless face new levies, primarily on power sources.
Economists warn that broad tariffs may weigh on US development and shopper sentiment, however Trump stays agency on his stance: “It’s not fair. Never has been fair, and they’ve treated our farmers badly.”
The potential tariff hike provides to ongoing commerce disputes between the neighboring international locations, with markets carefully watching the subsequent transfer from Washington.
