Targets: Canada Finalizes Tariffs on U.S. Goods

June 29, 2018 11:35 AM
 
Justin Trudeau’s government has finalized C$16.6 billion ($12.6 billion) in tariffs on U.S. products, along with an expected aid package in response to U.S. levies on Canadian steel and aluminum exports.

(Bloomberg) -- Justin Trudeau’s government has finalized C$16.6 billion ($12.6 billion) in tariffs on U.S. products, along with an expected aid package in response to U.S. levies on Canadian steel and aluminum exports.

Canadian Foreign Minister Chrystia Freeland announced the final measures Friday in Hamilton, Ontario, after publishing a preliminary list a month earlier subject to consultation. Products like beer kegs, mustard and certain jams were removed from the final list, which otherwise doesn’t stray far from the original proposal.

The tariffs mirror the value of those imposed by President Donald Trump’s administration. Canada will apply a 25 percent tariff on steel products, and 10 percent on aluminum and consumer goods. The levies kick in Sunday and will remain in effect until the U.S. eliminates its tariffs on Canadian steel and aluminum, the government said.

Freeland was also expected to announce an aid package for industries and workers affected by U.S. tariffs on Canadian steel and aluminum, which took effect a month ago. The country is also said to be preparing a further set of quotas and tariffs on steel from other countries, to prevent dumping or diversion after the U.S. tariffs kicked in. That announcement is expected as soon as next week.

The tariff response it the latest development in an escalating spat between the two countries, which trade more than $500 billion in goods annually. The U.S. and Canada are also in talks to update the North American Free Trade Agreement, which includes Mexico. The Americans have applied tariffs to Canadian softwood lumber, and are threatening to do so on autos. The latter move is seen as a major threat to Canadian growth and to the North American auto sector, since U.S. carmakers rely heavily on supply chains that include its two neighbors.

 

Copyright 2018, Bloomberg

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