pinto + 293 PZ July 2, 2018 Canada has retaliated against US steel and aluminum tariffs by slapping its own penalties on American exports. The Canadian government confirmed Sunday that it has imposed tariffs on US exports worth 16.6 billion Canadian dollars ($12.5 billion). More than 40 US steel products attract tariffs of 25%. A tax of 10% has been levied on over 80 other American items including toffee, maple syrup, coffee beans and strawberry jam.The response from Canada is designed to be proportional, with the new taxes being based on the amount of steel and aluminum shipped last year from Canada to the United States. US steel tariffs, which went into effect on June 1, are expected to be particularly painful for Canada. It was the largest exporter of steel to the United States by value last year, according to Wood Mackenzie. Quote Share this post Link to post Share on other sites
franco + 96 FM July 2, 2018 Something from history..... "Threats of retaliation by other countries began long before the Smoot-Hawley Tariff Act was enacted in June 1930. Threats of retaliatory actions from 23 trading partners were ignored by President Hoover. By 1932, the Depression had only worsened despite promises of prosperity. Quote Share this post Link to post Share on other sites
damirUSBiH + 327 DD July 2, 2018 As we know main reason why trade agreements are made in the first place is to benefit all involved. This is something else... Quote Share this post Link to post Share on other sites
ThunderBlade + 231 TB July 2, 2018 Free trade? Can't be destroyed if it never existed..... Quote Share this post Link to post Share on other sites
Petar + 76 PP July 2, 2018 It looks like tit for tat. Maybe there are better ways. but that needs a different thinking, feeling and reacting wisely....Welcome to the trade war Quote Share this post Link to post Share on other sites
Jan van Eck + 7,558 MG July 2, 2018 51 minutes ago, pinto said: Canada has retaliated against US steel and aluminum tariffs by slapping its own penalties on American exports. Now, does anybody here think the tariffs the Canadians have levied in "retaliation" will actually do anything, other than cause a tax burden on Canadians (and have their treasury collect more of the public's cash)? To conclude that, then one of the following would have to develop.  (1) Local Canadians (not the ones living and working in the US) would have to scrounge up capital and start up some factories to make the tariffed goods inside Canada. Well, could happen, but unlikely. Most production benefits from longer production runs. the logical market for a longer run would be to ship product to US customers. But you have to expect that there will be some tariff wall coming soon enough. So that means only the limited Cdn. market is going to be exploitable for sales. Puts a damper on investment proposals. (2) Folks in some other country will become the replacement suppliers. Except, if the goods are not readily sourced from other countries, this falls flat. Toffee? Is there some international market in toffee? I don't think so. Thus, if you want your toffee, you pay more. The Canadians would have been better off to suffer in silence, and that would embarrass the US Commerce Dept. Probably would not embarrass Trump, as he is beyond that. If Trump whacks Canada with an auto tariff (and he just might), then Canada is headed for serious pain.  Oh, well. Quote Share this post Link to post Share on other sites
franco + 96 FM July 2, 2018 Largest U.S. business group attacks Trump on tariffshttps://www.cnbc.com/2018/07/02/largest-us-business-group-attacks-trump-on-tariffs.html  Quote Share this post Link to post Share on other sites
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