PRESIDENT TRUMP ANNOUNCES INTENTION TO IMPOSE NEW TARIFFS ON STEEL AND ALUMINUM
On March 1st, President Trump announced his intention to sign a document next week that will impose tariffs of 25 per cent on all steel imported to the U.S., and 10 per cent on all aluminum. Details on how tariffs will be applied and whether some countries will be exempted have not yet been released. Last year, Canada exported about CAD$ 9.3 billion of aluminum and CAD$ 5.5 billion of steel.
If he follows through with his announcement, President Trump will undoubtedly trigger a trade war with the United States’ key trading partners. Foreign Affairs Minister Chrystia Freeland issued a statement in response to the announcement indicating that Canada will take “responsive measures to defend its trade interests and workers” should restrictions be imposed on Canadian steel and aluminum products.
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