Trudeau addresses tariffs
- Tariffs will disrupt linked supply chains
- US has a $2 billion surplus on steel trade
- 'Inconceivable' that Canada could be security threat
- Americans remain our partners, allies and friends. Hope that at some point, common sense will prevail but we see no sign of that in latest US action
- I've said for months that we need to be ready for anything
Freeland:
- Canada will put tariffs on steel, aluminum from US along with other products
- Amount will be up to $16.6 billion
- Countermeasures will only apply to US products, will take effect July 1
- Tariffs will remain in force until US tariffs are eliminated
- Will begin 15-day consultation period today
- US tariffs will be launching WTO challenge
- Says US tariffs also violate NAFTA
- We are imposing dollar-for-dollar tariffs
- Two lists of goods: One at 25%, one at 10%
- Will work with like-minded countries at WTO
- Canada accounts for roughly half of US steel exports
The tables are here. It says countermeasures will be drawn from those listed in Tables 1 and 2 below. Goods selected from Table 1 will be subject to a 25 per cent surtax or similar trade-restrictive measures. Table 1 is steel, table 2 includes aluminum but goes much beyond that with many consumer goods, especially foodstuffs including whiskey and orange juice.
US equities are the lows of the day. The only silver lining here is that these don't go into effect until July 1 so that leaves some time for negotiation.
