Canada Will Remove Many Retaliatory Tariffs on US: PM Mark Carney
In a significant development, Canada has announced that it will remove all tariffs on goods from the United States that are covered by the Canada-US-Mexico Agreement (CUSMA) by September 1. This move is seen as a major step towards improving trade relations between the two countries, which have been strained in recent years.
According to a report by the Indian Express, Canadian Prime Minister Mark Carney made the announcement during an interview with a Canadian news channel. Carney stated that the decision was taken after US President Donald Trump assured him that dropping the retaliatory tariffs would kick-start negotiations between the two countries.
However, it’s worth noting that not all tariffs will be removed. Canada will continue to keep a 25% import tax on US steel and aluminum, as well as autos. This decision is seen as a compromise, as Canada has been seeking to protect its domestic industries from what it sees as unfair trade practices by the US.
The retaliatory tariffs were imposed by Canada in response to the Trump administration’s decision to impose tariffs on steel and aluminum imports from Canada, Mexico, and the European Union. The tariffs were seen as a major blow to Canada’s economy, as the country relies heavily on trade with the US.
The removal of tariffs on goods covered by the CUSMA is seen as a major positive development for Canadian businesses, which have been struggling to compete with US companies due to the tariffs. The agreement, which came into effect in July 2020, is a major trade deal between the US, Canada, and Mexico, and covers a wide range of goods and services.
The news has been welcomed by Canadian businesses, which have been calling for the removal of tariffs for months. “This is a significant development for Canadian businesses, which have been struggling to compete with US companies due to the tariffs,” said a spokesperson for the Canadian Chamber of Commerce. “We hope that this move will help to improve trade relations between the two countries and stimulate economic growth.”
The removal of tariffs is also seen as a major step towards improving relations between Prime Minister Carney and President Trump, who have had a strained relationship in the past. The two leaders have been at odds over a range of issues, including trade and tariffs, as well as climate change and immigration.
However, not everyone is happy with the decision. Some Canadian politicians have criticized the move, saying that it will allow the US to continue to exploit Canada’s natural resources without providing fair compensation. “This is a bad deal for Canada,” said a spokesperson for the opposition New Democratic Party. “We should be standing up to the US and demanding fair treatment, not rolling over and giving them what they want.”
The decision to remove tariffs is also seen as a major step towards improving relations between Canada and the US, which have been strained in recent years. The two countries have been at odds over a range of issues, including trade and tariffs, as well as climate change and immigration.
In conclusion, the removal of tariffs on goods covered by the CUSMA is a major positive development for Canadian businesses, which have been struggling to compete with US companies due to the tariffs. The move is also seen as a major step towards improving relations between Canada and the US, which have been strained in recent years.
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