U.S. and Canada Face Off Over Impending Trade Tariff
U.S. Commerce Secretary Howard Lutnick indicated a possible 35% tariff on Canadian goods not covered by the USMCA might be implemented unless Canadian PM Mark Carney persuades President Trump otherwise. A letter from Trump has set an August 1 deadline for trade negotiations to avert the tariff.
A looming 35% tariff on Canadian goods is still on the table, according to U.S. Commerce Secretary Howard Lutnick. This measure targets goods not included in the U.S.-Mexico-Canada trade agreement and is tied to a deadline set by President Donald Trump for August 1.
Lutnick, speaking on Fox Business Network's 'Kudlow,' mentioned that Canadian Prime Minister Mark Carney has a chance to avert the tariffs. He suggested that if Carney makes diplomatic advances and reduces retaliatory measures, the U.S. president might reconsider the tariff plan.
Despite ongoing negotiations, a negotiated trade deal remains uncertain. Trump has communicated to Carney that if no agreement is reached by the deadline, a unilateral tariff imposition could proceed. Carney acknowledged the intense phase of discussions, yet lowered expectations for a complete removal of the current U.S. tariffs.
(With inputs from agencies.)
Google News