Trump’s new tariffs will be ‘a crack in the CUSMA shield,’ industry groups warn
If the new 50 per cent tariffs go into effect, they would impact nearly $28 billion in annual Canadian exports to the U.S., according to Canadian Exporters and Manufacturers.
Canadian industry groups are warning that President Donald Trump's new 50 per cent tariffs on U.S. trading partners, effective midnight, could create a "crack in the CUSMA shield" for Canadian businesses and exporters. The exemptions from these tariffs, which Canada and Mexico have enjoyed under the Canada-U.S.-Mexico Free Trade Agreement (CUSMA), have so far buffered Canada against the worst impacts of the trade war.
However, around two in five Canadian exporters said they currently export a product to the U.S. that would fall under the scope of the new tariffs, and more than three-quarters of these businesses expect to lose revenue if the tariffs go ahead. The new tariffs would affect nearly $28 billion in annual Canadian exports to the United States, representing more than five per cent of Canadian goods exports to the U.S., according to Canadian Manufacturers and Exporters.
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