🇺🇸🇨🇦US-Canada trade tensions are escalating!🇺🇸🇨🇦
President Donald Trump has threatened to impose a 100% tariff on Canadian goods if Ottawa proceeds with a trade deal with China. Canadian Prime Minister Mark Carney has downplayed the threat, calling it "bluster" ahead of negotiations to renew the United States-Mexico-Canada Agreement (USMCA). ¹
*Key Points:*
- *USMCA Review*: A review of the USMCA is set to begin this year, with Carney expecting a "robust review".
- *Tariff Threats*: Trump threatened to impose 100% tariffs on Canadian goods if Ottawa proceeds with a trade deal with China.
- *Canada's Position*: Carney emphasized that Canada has no intention of pursuing a free trade deal with China.
- *Trade Impact*: The potential tariffs could significantly impact Canadian exports, particularly in the auto, steel, and aluminum sectors.
*Potential Implications:*
A US-Canada trade war could significantly impact the global economy, particularly the auto, steel, and aluminum sectors. Bloomberg Economics estimates that if USMCA protections lapse, average tariffs on Canadian exports to the US could spike from 0.5% to over 7%.
*What's Next?*
The USMCA review and potential tariffs will likely be key points of discussion between the US and Canada in the coming months. Carney has emphasized that Canada is ready to move quickly on the review, while Trump has indicated that he will aggressively pursue his trade agenda.
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