The Trump White House has imposed steel and aluminum tariffs on the country's top allies - issuing a proclamation imposing steel and aluminum tariffs on the European Union, Canada and Mexico.
The US announcement immediately triggered vows of retaliation from Mexico and the EU, which called the tariffs "protectionism, pure and simple".
Canada, Mexico and the EU were all granted a temporary exemption from the tariffs when they were first announced, but that expired yesterday. President Donald Trump had given the countries waivers for May as the White House tried to win concessions from the European Union and was engaged in trade talks on renegotiating the North American Free Trade Agreement.
The tariffs - 25 per cent on steel and 10 per cent on aluminum - could result in Canadians paying more for goods such as cars, refrigerators and beer. The tariffs, which officially kicked in on Friday at midnight, could cost the Canadian economy around US$3.2 billion a year, reports Canada's Global News.
Canada is the biggest supplier of steel and aluminum to the US, and exports nearly 90 per cent of its steel to the US - more than any other country, according to the Canadian Steel Producers Association.
"The benefit of free trade is gone here," Walid Hejaz with the Rotman School of Management at the University of Toronto said. "What's going to happen to the price of steel and aluminum? The price is going to rise and jobs will be lost."
"Canada has been held hostage to American policy," he added.
The tariffs were originally announced on March 1 when President Trump said that the United States was being treated unfairly. He said the import taxes will help protect American jobs and boost the US economy.
The Trump administration also cited national security interests for implementing the tariffs, saying the military needs a domestic supply for its tanks and ships.
Sources:Schednet
Please Contact Us at：
admin@xindemarine.com
