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Canada retaliates with up to 50% tariffs on US goods in dollar-for-dollar move
business6 hours ago

Canada retaliates with up to 50% tariffs on US goods in dollar-for-dollar move

Canada announced dollar-for-dollar counter-tariffs on the US of up to 50% on about C$28 billion ($20 billion) of American goods, to take effect Sept. 8, in response to US levies on Canadian imports. The list targets items from steel and aluminum to furniture, clothing and appliances, aiming to mirror Canadian exposures; Ottawa will also provide roughly C$7.5 billion in aid to workers and firms affected. The move follows failed trade talks and underscores ongoing tensions that could complicate the broader USMCA relationship and supply chains.

via BBC|
#business#canada-us-trade#retaliatory-tariffs
Canada retaliates with $20B tariff push as trade dispute intensifies
economy-and-policy12 hours ago

Canada retaliates with $20B tariff push as trade dispute intensifies

Canada announced dollar-for-dollar counter-tariffs on about $20 billion of U.S. imports, with rates of 15%, 25%, and 50% on around 700 products, effective Sept. 8, in response to President Trump's latest tariffs. Ottawa also unveiled a C$7.5 billion aid package to help affected businesses and workers, including loans of up to C$5 million from the Business Development Bank of Canada and a 36-month repayment deferral. The move heightens tensions ahead of the U.S. midterm elections and targets sectors like wood products and electronics, aiming to pressure the U.S. while shielding Canadian jobs.

via Yahoo Finance|
#canada-us-trade#economic-impact#economy-and-policy
Markets edge up as US-Canada tariff row intensifies ahead of Jackson Hole
markets12 hours ago

Markets edge up as US-Canada tariff row intensifies ahead of Jackson Hole

U.S. equities advanced modestly after a day of tariff-driven headlines, with the Dow up about 0.3%, the S&P 500 around 0.2%, and the Nasdaq roughly 0.6%, as Canada retaliated with duties in response to U.S. tariffs. Nvidia earnings and Fed Chair Jerome Warsh’s Jackson Hole speech loom large for market sentiment, while Bitcoin briefly topped $80,000 and oil slipped on tariff headlines. Economic data showed softer new-home sales and consumer confidence, setting a cautious tone ahead of the Fed symposium. DICK’S Sporting Goods fell about 13% after missing expectations and trimming its outlook, and Canada’s TSX rose on financials amid the broader volatility.

via Yahoo! Finance Canada|
#canada-us-trade#jackson-hole#markets
Canada rejects US deal that would undermine French protections amid tariff spat
world1 day ago

Canada rejects US deal that would undermine French protections amid tariff spat

Canada refused a U.S. trade proposal that would weaken Quebec’s French-language protections, with Mark Carney instructing negotiators to walk away as tariffs take effect on about 5% of exports and Ottawa vows retaliation. Quebec’s language laws (Bill 96 and related measures) are framed as central to identity, while Trump hammers Canada as a tariff target, prompting domestic backlash from politicians and business groups.

via The Guardian|
#bill-96#canada-us-trade#french-language
Tariff Clash: US Slaps 50% on $20B Canada Goods, Ottawa Vows Retaliation
business1 day ago

Tariff Clash: US Slaps 50% on $20B Canada Goods, Ottawa Vows Retaliation

After the US imposed 50% tariffs on roughly $20 billion of Canadian imports, Ottawa promised dollar-for-dollar retaliation starting Sept. 8, targeting steel, dairy, agricultural equipment, paper and electronics; the move sent the Canadian dollar lower and raised concerns about slower GDP growth and spillovers if US demand weakens or the USMCA talks stall.

via CNBC|
#business#canada-us-trade#economy
Canada vows dollar-for-dollar tariff retaliation after failed US trade talks
world4 days ago

Canada vows dollar-for-dollar tariff retaliation after failed US trade talks

Canada says it will match the US’s 50% tariffs dollar-for-dollar after negotiations on a new trade deal failed to produce an agreement by the deadline, affecting about $20 billion in Canadian exports. Ottawa says last-minute changes by the US made a deal unfair and uneconomic, while US officials say Canada walked away from a careful balance. The move raises questions about the future of the US-Canada-Mexico framework and could impact North American industry, with domestic support and business voices urging resilience.

via The Guardian|
#canada-us-trade#economic-retaliation#naftausmca
Gordie Howe Bridge Opens Quietly as Tariff Fight Looms
world1 month ago

Gordie Howe Bridge Opens Quietly as Tariff Fight Looms

The Gordie Howe Bridge between Canada and Michigan will open to traffic without a ribbon-cutting ceremony amid escalating US-Canada trade tensions, including a proposed 50% tariff on Canadian goods. A revised profit‑sharing deal shifts toll revenue and maintenance costs predominantly to Canada, delaying Michigan’s immediate profits and underscoring the broader diplomatic wrangle over the project.

via Jalopnik|
#canada-us-trade#gordie-howe-bridge#michigan-economy
Tariffs Push Ontario and Quebec to Sell Off Unsold U.S. Liquor
world1 month ago

Tariffs Push Ontario and Quebec to Sell Off Unsold U.S. Liquor

Ontario and Québec together hold about CAD 96 million in unsold U.S. liquor due to a 2025 alcohol import ban. Trump’s 50% tariffs could spur a diplomatic move: resume retail sales of that stock while keeping the ban on new imports, potentially raising roughly CAD 163 million for Ontario and CAD 33 million for Québec and reducing storage costs. It would signal goodwill in Canada–U.S. trade talks and pressure U.S. producers, though prices for U.S. consumers would rise and the plan could face legal challenges.

via The Conversation|
#alcohol-ban#canada-us-trade#ontario
Canada Pitches Fresh US Trade Proposals, Warns of Turbulence
world2 months ago

Canada Pitches Fresh US Trade Proposals, Warns of Turbulence

Canada unveiled fresh, detailed trade proposals to the US aimed at renewing USMCA for another 16 years and strengthening North American competitiveness, while cautioning that negotiations may still be turbulent. After a Washington meeting with US Trade Representative Jamieson Greer, Dominic LeBlanc emphasized Canada’s focus on forced-labor rules and autos policy and said talks will continue in coming days, even as the US proposes tariffs on about 60 partners that would exempt USMCA-compliant Canada shipments. Mexico has already begun bilateral talks, and Ottawa says the deal can be extended if it benefits all three nations.

via Yahoo Finance|
#autos-policy#canada-us-trade#tariffs
Canada’s Auto Industry Retreat: Tariffs and Trade Shifts Reshape the Detroit Footprint
business3 months ago

Canada’s Auto Industry Retreat: Tariffs and Trade Shifts Reshape the Detroit Footprint

U.S. automakers once dominated Ontario’s plants, but tariffs, policy shifts under Trump, and a pivot toward electric vehicles have weakened their Canadian footprint. Production in Canada has fallen to about 1.2 million vehicles annually, with Detroit-based firms accounting for roughly 38% of assembly jobs in 2024 (and last year just 23% of output), as Asian automakers gain ground. Ottawa is exploring diversification—allowing some Chinese EVs and courting Korean investment—while negotiations around the USMCA/NAFTA trade framework remain unsettled.

via The New York Times|
#auto-industry#business#canada-us-trade
Canada Diversifies Trade Ambitions with India-Australia-Japan Swing
world6 months ago

Canada Diversifies Trade Ambitions with India-Australia-Japan Swing

Prime Minister Mark Carney travels to India, Australia and Japan to reduce Canada's dependence on the US, meeting Modi, Albanese and Takaichi; the trip will push energy, AI, defense, critical minerals, maritime security and food security cooperation, with Canada aiming to double non-US exports within a decade amid ongoing US tariffs and talks on the USMCA.

via BBC|
#canada-us-trade#export-diversification#india-trade-talks
world7 months ago

Carney Defends Davos Speech as Trump Pressures Canada-U.S. Trade Shift

Canadian Prime Minister Mark Carney defended his Davos World Economic Forum address urging middle powers to stand up to U.S. hegemony, insisting he meant what he said as Canada recalibrates its trade relationship with the United States under the USMCA and expands overseas ties; Trump publicly rebuked him, suggesting he walked back remarks and threatening tariffs, with Treasury Secretary Scott Bessent saying Carney should pursue Canada’s interests rather than a so-called globalist agenda.

via Politico|
#canada-us-trade#carney#davos