Workers will remove coils from the production line for quality control testing during steel production at the NLMK Indiana Steel Factory held in Portage, Indiana on March 15, 2018.
Scott Olson | Getty Images
Canada said Wednesday that it would impose a 25% tariff on more than $20 billion in US goods in retaliation over the Trump administration’s steel and aluminum obligations.
Canadian Finance Minister Dominique LeBlanc said at a press conference that the new tariffs cover other US goods including steel and aluminum, computers, sports goods and cast iron products.
They will run on Thursday, LeBlanc said.
Canada’s new mission adds to the 25% anti-crime of Ottawa slapping $30 billion worth of US goods on March 4, in response to President Donald Trump’s challenges on broad tariffs on Canadian imports.
These Canadian measures remain despite Trump issued a temporary exemption against some of his tariffs on March 6 after the severe stock market was sold.
Trump’s 25% tariff on steel and aluminum, which applies not only to those from Canada but to all imports of metals. After they were enacted early Wednesday morning, the European Union quickly announced that it would slap its own tariffs on more than $28 billion in US goods since April.
“This is not about our economy, it’s about the future of our country,” Canadian Foreign Minister Melanie Jolie said at a press conference Wednesday.
“Canadians have enough, and we are a strong country,” Jolie said.
A Canadian delegation led by Ontario Premier Doug Ford is planning a trade talks with Commerce Secretary Howard Lutnick on Thursday to visit Washington.
Ford met Mark Carney, the prime minister nominated ahead of the US meeting Wednesday morning. Kearney will take over Prime Minister Justin Trudeau in the coming weeks.
Trump is a dedicated fan of tariffs who negotiated with other countries, promoted them as an important tool to generate revenue, protect and boost domestic industries.
However, most economists warn that tariffs (taxes paid by importers on imports) are threatening to overturn supply chains and raise consumer prices. And the rollout of Trump’s tariff plans has created a great deal of uncertainty on Wall Street, leading to a stock market slump, at least in part.
Trump has provided many reasons for his tariffs, causing confusion as to why the US is robbing many of its major trading partners, particularly the trade war between Canada and Mexico.
At the same time, Trump has repeatedly expressed his desire to intensify his rhetorical attacks on Canadian leaders and infuriate the 51st Canadian.
“The only constant in this unfair and unfair trade war appears to be President Trump’s speech about annexing our country through economic coercion,” Jolie said Wednesday.
Trump doubled the idea for the Canadian province on Tuesday, but threatened to double the 50% US tariff on steel and aluminum imports from Canada.
The threat comes after Ford said he would add a 25% extra charge to his state’s electricity exports to three US states. The extra charge itself was retaliation against Trump’s tariffs against Canada.
Trump retreated from his 50% threat later Wednesday after Ford said he would suspend his fee plan.
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