Trade war redux: U.S., Canada exchange trade tariffs

Less than two months after the U.S.-Mexico-Canada Agreement (USMCA)

Less than two months after the U.S.-Mexico-Canada Agreement (USMCA) went into effect, President Trump is again imposing a 10 percent tariff on aluminum from Canada. In 2018, Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports based on the findings of the Department of Commerce reports that determined global excess capacity for producing steel and aluminum was “weakening our internal economy.”

Canada and Mexico were exempt from steel and aluminum tariffs because of the USMCA, which is an update of the North American Free Trade Agreement established in 1994. As part of the USMCA, which took effect on July 1, 2020, the United States retained the right to reinstate tariffs if it determined an increase in metal imports.

Shortly after Trump’s announcement, Canada Prime Minister Justin Trudeau stated on Twitter his country “will impose countermeasures that will include dollar-for-dollar retaliatory tariffs.”

the country’s tariffs on U.S. aluminum and other products will affect U.S. manufacturers. “It’s going to be more expensive to buy a car or a truck or to buy parts

 

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