Canada has unveiled C$29.8billion (£15.9billion) in retaliatory tariffs in response to the 25 per cent steel and aluminium tariffs imposed by the United States.
Earlier this morning, US President Donald Trump launched a 25 per cent levy on imports from these industries from across the globe.
The Canadian Government’s Industry Minister François-Philippe Champagne cited uncertainty surrounding trade relationships as undermining the economic security of both nations, “and ultimately, our national security”.
Champagne is part of a delegation of ministers heading to Washington tomorrow (March 13) to “lower to the temperature” on the trade war.
This retaliatory effort against the US mirrors similar action from the European Union (EU), which slapped new duties on the country’s industrial and farm products.
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Canada is responding to Trump’s latest round of tariffs
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US Commerce Secretary Howard Lutnick has said nothing would stop Trump’s expanded 25 per cent tariffs on steel and aluminium until domestic production returns to the United States.
He has also hinted that the President will add copper to his trade protections. Lutnick shared with Fox Business Network he plans to hold with Ontario Premier Doug Ford.
Ford previously backed down on a promised 25 per cent electricity surcharge on three American states as part of the wider trade war.
However, Lutnick confirmed he would not been with the Premier of Ontario will not take place until Liberal Party leader Mark Carney officially becomes Prime Minister.
Liberal Party leader Mark Carney is set to become the next Prime Minister of Canada
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“So I think it’s just to level-set things, make sure we know each other, and then we’re going to negotiate with all of Canada,” Lutnick said.
Canadian ministers have said repeatedly that they will not renegotiate United States-Mexico-Canada-Arrangenment, the free trade agreement negotiated during Trump’s first term.
In lieu of this, ministers are attempting to “find off ramps,” according to Foreign Affairs Minister Melanie Joly.
Finance Minister Dominic LeBlanc said, despite Canada’s dollar-for-dollar countermeasures announced today, they are looking to deescalate as soon as possible.
Lutnick has said Trump stands firm in his decision to impose tariffs
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“If you’re racing to the basement, there’s no real prize for the first person to get to the basement,” he said.
Joly added: “We will not back down, and we will not give in to this coercion,” she said in Ottawa, flanked by high-ranking cabinet members.
“We have done nothing to justify Trump’s attacks on our country,” she said in French, speaking of the tariffs. “We will do everything in response.”
