Canada Withdraws Retaliatory Tariff Sanctions Against US Aluminum and Steel

Canadian Finance Minister Bill Morneau announced yesterday that it would retire retaliatory tariffs on more than 70 products, including aluminum and steel, as well as licorice, coffee, sleeping bags and ketchup from the United States.

In a written statement, Morneau stated that the elimination of tariffs and countermeasures are truly win-win for all parties. For Canadian and American workers, companies and the economy is even more good news.

Canada made this decision after an agreement was reached in the United States to increase tariffs on imports of steel and aluminum, a move that could lead to the approval of a new North American trade agreement.

Trump said that American farmers "can resume business with Mexico and Canada."

Canada’s retaliatory tariffs on the United States are carefully selected to match the dollar value of Canadian companies’ tariffs paid to the United States, as well as popular products for the state of the Republican Party. So it includes bourbon from the home of the Senate Majority Leader Mitch McConnell in Kentucky. Kimchi, gherkins, lawn mowers and yogurt are all big industries in Wisconsin. They are also home to former House Speaker Paul Ryan. In addition, a 25% surcharge is imposed on steel imports from the United States and a 10% surcharge on aluminum.

According to a Canadian financial official, as of April 30, $1.27 billion has been obtained from these retaliatory measures. This data will increase further when the Canadian Border Services Agency receives a post-Report from a Canadian importer.

[Reprinted from Yangtze River Colored Network]

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