Steel and aluminum announcement coming Friday

Steel and aluminum announcement coming Friday

Steel and aluminum announcement coming Friday

Canadian Prime Minister Justin Trudeau's government finalized tariffs on $12.6 billion of American goods and pledged money to support companies and workers hurt by USA levies on Canadian steel and aluminum exports.

Last year, approximately 55 percent of Canada's total steel imports came from the USA, with the remaining 45 percent split among Brazil, China, South Korea and Turkey.

Chrystia Freeland, Minister of Foreign Affairs, visited Stelco in Hamilton on Friday, June 29, 2018 where she met with employees in the cold rolling plant and announced the government's latest efforts in response to US tariffs on Canadian steel and aluminum. "Canada has no choice but to retaliate with a measured reciprocal dollar-for-dollar response".

Numerous USA products were chosen for their political rather than economic impact.

Senior officials from Canada are lobbying the Big Three U.S. vehicle makers to stave off the punitive measures and say they are considering all options, including providing financial aid. The product will now be hit with a 10 percent duty.

Whiskey is another item on the list, which comes from Tennessee and Kentucky, the latter being the home state of Republican Senate leader Mitch McConnell.

Trudeau will lead the Canada Day festivities by visiting a pair of trade battlegrounds Sunday: a southern Ontario town near the USA border once famous for Heinz ketchup, and a steel mill in Saskatchewan, meeting with workers in each.

"Our sense is that the impact on the economy will be small, but could be substantial for the steel industry over time", said Perrault, adding the outcome of Nafta negotiations remains the central question on trade for Canada.

Trump has justified the steel and aluminium tariffs by saying imported metals threaten United States national security - a justification that countries rarely use because it can be so easily abused.

The US has also been contemplating tariffs in the auto industry.

"[The North American Free Trade Agreement] won't be solved overnight", the source said.

"The real solution to this unfortunate and unprecedented dispute", she said, "is for the United States to rescind its tariffs on our steel and aluminum". Ken Neumann, the United Steelworkers' national director for Canada, told lawmakers this week he was "very concerned that the Canadian industry has already been harmed by the one-month delay".

"Our approach is we will not escalate but equally we will not back down", she said.

If Trump steps up his attacks on Canada's economy and imposes a 25 percent tariff on automobiles as threatened, it would lead to "carmageddon", Flavio Volpe, president of the Automotive Parts Manufacturers Association, told a Commons committee hearing on Tuesday.

"I believe Trump is a bear, we shouldn't be poking him too much, the bear will start roaring", said Bob Verwey, president of Owasco Inc., an auto and RV sales company.

Foreign Minister Chrystia Freeland announced final measures Friday that take effect Sunday, Canada's national holiday.

"I don't think Congress right now is expected to get engaged until after the midterm election". The auto tariffs would disrupt that. Ottawa also unveiled 2 billion dollars ($ 1.5 billion) in aid for the two sectors.

Related news