Speaking to reporters in Ottawa
She adds:
- Reiterates that Canada is not a national security threat to the US
- Imposing tariffs on national security grounds is insulting
- No one benefits from beggar thy neighbor trade policy
- Canada won't escalate or back down in trade spat
- Reiterates metals tariffs, NAFTA are separate issues
- Win-win-win deal remains possible on NAFTA
- NAFTA nations will be working hard over the summer
- Canada will modify List based on feedback
- Government is working on ways to directly support Canadian steel and aluminum industries and workers
- Cited C$867 million package set up for Canadian softwood lumber industry in 2017 as an example of how Canada supported industries hurt by US tariffs.
- Canada discussing possible US auto tariffs with European Union, Japan and Mexico
- Calls tariffs on autos "frankly even more absurd"
- Auto sector essential to Canada's economy
- US demand for sunset clause is NAFTA sticking point
Most of these comments are really not new, although subsidizing steel and aluminum and industries and workers will probably not fly with some of the Trump trade czars (i.e., Navarro, Ross) and retaliation with tariffs on US autos are also not what the Trump team will welcome.
The USDCAD is remaining near the high levels for the day and near the highest level going back to June 2017. A topside trend line comes in at 1.3298 currently (and moving higher).
Earlier to day the price moved above a topside trend line at 1.3263. The low over the 5 hours has come in at 1.3259. Support is trying to hold.
