US-CANADA: The trade war between Canada and the US continues at this time. US President Donald Trump has started implementing its election promises rapidly after returning to the White House, but in the Canadian case, the US seems to be soft.
A senior Economic Advisor to Trump said that the plan to double the tariff on imported steel and aluminum from Canada has been stopped at the moment. The reason for this is that the ongoing trade war between the two countries has created an atmosphere of confusion and uncertainty in the market.
Peter Navaro said this
In an interview to CNBC, Peter Navarro said, “The increased American tariffs will not be implemented on Wednesday as per the plan.” Navaro’s statement came only a few hours after the announcement of temporarily suspending surcharge on US power exports by Prime Minister Dag Ford, Ontario province in Canada. After this, it is believed that if Canada also continues the tariff, then America will not be able to continue this trade war for a long time.
Trump administration had to take U-turn
The effect of the tariff imposed by Trump seems to be reversed. The US market has recorded a decline. At the same time, China and Canada have imposed counter -tariffs. Earlier Trump had announced that 50 percent tariff would be imposed on Canada’s steel and aluminum instead of 25, which will be applicable from Wednesday. But after this, Peter Navarro withdrew the decision.
New Prime Minister of Canada targeted
Canadian new Prime Minister Mark Carney has shown his tough stance towards the US and former President Donald Trump. He strongly criticized the threats of Trump to put tariffs on Canadian goods and make Canada a ’51st state of America’.
Carney said, ‘Someone is trying to weaken our economy. Donald Trump has imposed improper tariffs on our products, business and lifestyle. He is attacking Canadian families, workers and businesses, but we will not let them succeed.