Canada Hikes Duties On US Steel After Trade Talks Shut Down
Canada has dramatically hiked duties on American steel imports after Donald Trump shut down trade talks.
The country imposed an import quota late Friday and if it is exceeded, certain US metal will face a new 50 percent surcharge.
Canada’s Finance Minister, François-Philippe Champagne, said the government was acting to protect domestic industry from ‘unjust US tariffs,’ NBC News reported.
The response came hours after Trump posted on Truth Social about how Canada is a ‘very difficult country to trade with.’
His reason for suspending trade negotiations came down to a tax Canada is set to impose on major tech companies starting Monday.
‘Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,’ Trump wrote, adding that the levy ‘is a direct and blatant attack on our Country.’
Last week, the finance minister said he would not delay the implementation of the digital services tax, which applies to any firm making more than $15 million from Canadian internet users.
The three percent tax will strike at the heart of American companies like Amazon, Google, Meta, Uber and Airbnb.
Tagged: Trade War BACK TO HOMEPAGE