FM Sitharaman to visit Canada and US from August 25 to September 2
Finance minister will hold bilateral and investor meetings in Canada and the US, and lead the Indian delegation at the G20 finance ministers' meeting in Asheville
Canadian Prime Minister Mark Carney announced on Friday that Canada would impose retaliatory tariffs on US products starting September 8, following the breakdown of trade talks between the two nations. US Trade Representative Jamieson Greer confirmed that Canada had declined to finalize the trade deal under the previously agreed terms.
Carney criticized the US's last-minute changes to the proposed terms as unfair, uneconomic, and questionable regarding the reliability of any deal. At the current moment, the USD/CAD pair is trading at 1.3787, up 0.22% for the day. Tariffs, which are customs duties levied on specific imports or a category of products, aim to boost local producers by providing a competitive price advantage over imported goods.
Economists have differing opinions on tariffs, with some believing they are essential for protecting domestic industries and addressing trade imbalances, while others view them as detrimental to long-term price stability and trade relations. The US has targeted Canada, Mexico, and China, which together account for 42% of US imports, for potential tariffs in the lead-up to the 2024 presidential election.
Written by urgent.news from FXStreet's reporting — not their 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.
