Trade war will be devastating for Canada: Trump admin
The Trump administration on Sunday warned that Canada would be "foolish" to think it could win a trade war with the United States, predicting a "devastating" impact on its northern neighbour. Negotiations between Washington and Ottawa broke down late on Friday, putting into force new 50-percent US tariffs impacting about US$20 billion worth of Canadian goods, or 5.5 percent of Canadian exports to…
The Trump administration has warned that Canada will face devastating economic consequences if it engages in a trade war with the United States. Negotiations between Washington and Ottawa have broken down, leading to the implementation of new 50-percent US tariffs on approximately US$20 billion worth of Canadian goods, which make up around 5.5 percent of Canadian exports to the US.
Canada has retaliated by announcing new levies targeting the US steel and dairy industries, set to take effect on September 8. US Transportation Secretary Sean Duffy stated that Canada would come out worse in a trade war with the US, emphasizing that Canada benefits more from trading with the US compared to the US benefiting from trading with Canada.
Canadian Prime Minister Mark Carney has defiantly announced retaliatory tariffs on the US following a breakdown in negotiations, citing US demands that would restrict Canadian trade deals with other countries and threats to the French language and Quebec culture as the reasons for the move.
Brief written by urgent.news from RTHK News - Finance's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
