Thursday, 15 November, 2018

Canada reveals final retaliatory tariffs vs US

Canada hits back at U.S. on tariffs, says it will not back down Canada hits back at US with $12.6-bn retaliatory tariffs on American goods
Kelvin Reese | 02 July, 2018, 07:40

The said the list of products chosen by her government is meant to match, "dollar for dollar", the USA tariffs, which came into effect on 1 June.

Last year, approximately 55 percent of Canada's total steel imports came from the USA, with the remaining 45 percent split among Brazil, China, South Korea and Turkey.

This is in response to US President Donald Trump's imposition of high tariffs on the Canadian metal imports last month, with a 25% tariff placed on steel and a 10% tariff placed on aluminum.

Ms. Freeland said such a move would be "absolutely absurd".

"We are perfectly within our rights to respond - I'd also like to point out that Canada has quite intentionally been measured and restrained in its response", said Freeland, who was joined at the announcement by Trudeau cabinet colleagues Patty Hajdu and Navdeep Bains.

The source said the assistance - to be spread over several years - would be similar to an C$867 million five-year package offered to Canadian softwood lumber producers in 2017 after Washington imposed tariffs. "We'll get some inventory in here to fill the showroom up, and pay the tariff to have them on display, and then we'll take orders".

The U.S. Department of Commerce is holding hearings on auto tariffs in late July and will subsequently release an investigative report about whether they threaten national security.

"I think that prediction has been borne out", she said.

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"I believe Trump is a bear, we shouldn't be poking him too much, the bear will start roaring", said Bob Verwey, president of Owasco Inc., an auto and RV sales company. But domestic businesses, particularly those in the steel sector, have expressed deep concerns about any escalation in the trade battle. "Any trade action is disruptive on both sides of the border", Freeland said. The company did not comment on how many jobs would be shifted away from the USA, but said that it would take between nine and 18 months to move production away from Wisconsin.

For the latest dispute, the government intends to help affected workers by doubling the duration of work-sharing agreements under the employment insurance program to 76 weeks from 38 weeks. These measures are a righteous defence of Canadian workers, industries, and jobs. "The real solution to this unfortunate and unprecedented dispute is for the United States to rescind its tariffs on our steel and aluminum".

The minister also announced funding to help protect steel and aluminum companies and their employees. They've given the president a long leash and will continue to do so.

"Teamsters Canada fully supports the actions the Trudeau Government today announced in retaliation to the Trump tariffs". The ministers reiterated Friday that Canada has taken steps and introduced safeguards to address concerns about diversion and dumping of products into the Canadian market.

Last week, U.S. Commerce Secretary Wilbur Ross expressed concerns about the world's overproduction and overcapacity of steel, saying the U.S. tariffs against Canada and other allies are created to force them into action.

"But equally, we will not back down", Freeland said, emphasizing that the Canadian tariffs are a dollar-for-dollar response.

The measures have provoked a widespread worldwide backlash.

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