By Zoila Palma: The United States and Canada have intensified their trade dispute, imposing steep retaliatory tariffs on each other’s goods, even as analysts believe the two longtime allies may ultimately find a way to reach an agreement.
The latest escalation threatens one of the world’s largest trading relationships and could complicate efforts to renew the United States-Mexico-Canada Agreement (USMCA).
Canadian Prime Minister Mark Carney responded to new 50% U.S. tariffs on certain Canadian products by announcing matching tariffs on about $20 billion worth of American imports, including steel, dairy products, appliances and farm equipment.
Ontario Premier Doug Ford has also warned that his province could escalate the dispute by restricting shipments of electricity and critical minerals to the United States, prompting President Donald Trump to threaten additional tariffs on Canada’s auto industry.
Despite the increasingly hostile rhetoric, trade experts say there is still time for both sides to step back from a broader confrontation, AP reports.
The latest U.S. tariffs affect roughly $20 billion, or about 5%, of Canada’s exports to the United States, while Canada’s retaliatory measures are not scheduled to take effect until September 8. Trump’s threatened auto tariffs would also not begin until January 1, leaving room for negotiations and a possible compromise.
The post International News: US, Canada trade war escalates as analysts see path to deal appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: The United States and Canada have intensified their trade dispute, imposing steep retaliatory tariffs on each other’s goods, even as analysts believe the two longtime allies may ultimately find a way to reach an agreement. The latest escalation threatens one of the world’s largest trading relationships and could complicate efforts to renew
The post International News: US, Canada trade war escalates as analysts see path to deal appeared first on Belize News and Opinion on www.breakingbelizenews.com.
