Published: Sat, June 30, 2018
Markets | By Josh Butler

Canada announces final list of retaliatory tariffs

Canada announces final list of retaliatory tariffs

The measures targeting 16.6 billion Canadian dollars ($ 12.6 billion) in United States steel, aluminum and consumer goods will take effect on Sunday when Canadians across the country will be celebrating a national holiday and just days before Americans celebrate their independence.

Prime Minister Justin Trudeau responded that Canada would reply to the American measures by imposing levies on $16.6-billion of US imports starting July 1.

The federal government will use a series of tools to offer financial aid to the industries affected by American tariffs on steel and aluminum, including funding and loans from the Export Development Canada (EDC), the Business Development Bank of Canada and the Strategic Innovation Fund that is run by the department of Innovation.

Canada will "not back down" in the face of new United States tariffs on steel and aluminium, according to the country's foreign minister.

Canada has made a decision to impose a tariff of 25% on a host of steel and aluminium products and 10% on goods, including pizza, quiche, whiskies, toilet paper and inflatable boats.

"It is with regret that we take these countermeasures, but the USA tariffs leave Canada no choice but to defend our industries, our workers and our communities, and we will remain firm in doing so".

Ottawa's unprecedented reprisal against its closest ally comes in response to the Trump administration's punishing tariffs on Canadian steel and aluminum.

The tit-for-tat duties are a response to the punishing United States steel and aluminum tariffs imposed at the start of June.

She also reiterated the USA measures are "illegal" and America has a trade surplus with Canada on iron and steel.

The retaliatory trade measures were first revealed in May but federal officials delayed their implementation until July 1 to get feedback from Canadian companies. That threat could be a negotiating ploy to restart talks on the North American Free Trade Agreement.

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.

"We will not escalate and we will not back down", Freeland said Friday.

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"We believe that cooperation is a better path forward than escalation", said Kent Bacus, the association's director of global trade and market access.

Of critical importance to my riding and all affected Canadian organizations, is the announcement of up to $2 billion to defend and protect the interests of Canadian workers and businesses in the steel, aluminum and manufacturing industries.

Ritchie says there will be an impact from both countries' imposition of tariffs but Canada will be just fine.

"I don't think we'll see any reaction from the Trump administration".

Canada promised to react by imposing retaliatory tariffs on C$16.6 billion worth of US exports and Freeland is due to outline exactly which goods will be hit, said the source. "It would change the calculus", he said.

The federal government also reiterated Friday that it has taken steps and introduced safeguards to address concerns about diversion and dumping of products into the Canadian market.

Senior officials from Canada are lobbying the Big Three U.S. vehicle makers to stave off the punitive measures and say they are considering all options, including providing financial aid.

- Extending EI work-sharing agreements by 38 more weeks.

The Canadian Steel Producers Association says the US and Canada exported roughly the same amount of steel to each other in 2016.

- Investing $50 million to help companies diversify where their products are exported to.

For example, Clark said as the price of products like steel rise, the increases will move through the system and hit the consumer in the wallet.

On the campaign trail this week, Trump continued his attacks on Canadian dairy, wheat and duty-free customs allowances for Canadians returning home, saying they were scuffing up brand new shoes in order to sneak them in.

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