US is set to impose 50% tariffs on $20 billion worth of Canadian products
WASHINGTON (AP) — The United States was set to impose 50% tariffs on $20 billion worth of Canadian products early Saturday after last-ditch negotiations failed to resolve the latest strain in already tense relations…
The United States is prepared to impose 50% tariffs on $20 billion worth of Canadian goods on Saturday, following the failure of last-minute negotiations to resolve escalating tensions between the long-standing allies. U.S. Trade Representative Jamieson Greer stated that Canada had declined to finalize a trade deal on the terms initially agreed upon.
Despite the United States offering Canada the best treatment among major exporters to its market, Canada's recent demands and concessions have disrupted the carefully negotiated terms.
Canadian Prime Minister Mark Carney criticized the U.S. suggested terms as "unfair, uneconomic, and called into question the reliability of any deal." The import taxes targeting about 5% of Canada's annual goods shipped to the United States will have economic repercussions, affecting products such as hockey sticks and tongue depressors.
However, the political ramifications could be even more significant, as Canada and the United States exchange $880 billion in goods and services annually. Initially set to take effect at midnight on Wednesday, the deadline for negotiations was extended by three days, yet the two nations still failed to reach an agreement in time.
Written by urgent.news from Associated Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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