Trade Tensions: Canada Responds to US Tariff Threats

Canadian Prime Minister Mark Carney has announced potential tariffs on American steel and aluminum imports, effective July 21, dependent on the trajectory of trade negotiations with U.S. President Donald Trump. Speaking after the Group of Seven meetings in Alberta, Carney emphasized Canada's intention to protect its workers and industries from U.S. tariffs.

Carney revealed that existing counter-tariffs on U.S. products would be adjusted based on the progress of a broader trade agreement, aiming to stabilize the trading relationship. Canada's strategic moves come as Trump imposes significant tariffs on steel, aluminum, and other imports, with risks of a global recession looming.

Market stability is crucial, stressed Carney. He underlined Canada's major role supplying the U.S. with essential materials and emphasized the need for unfettered access to U.S. markets. Negotiations remain ongoing, but Carney advocates for genuine free trade, especially in critical sectors like steel and aluminum.

(With inputs from agencies.)