Canadian Prime Minister Mark Carney on Thursday announced some tough steps in response to the new tariff (import duty) imposed by the US. He termed the trade policies of US President Donald Trump as a tragedy for global trade.
The Canadian government has announced that it will impose 25% tax on some vehicles imported from the US. However, this tax will only apply to vehicles that do not follow the rules of the US-Mexico-Canada Trade Agreement (USMCA). Under this decision, no new tax will be levied on auto parts, and vehicles coming from Mexico have also been exempted.
Prime Minister Mark Carney said that this policy of America will harm him himself, so he should change his policies. However, he also said that it may take a long time and should not expect much.
Let us know that on Thursday, President Trump announced a new tax of 10% on all American imports. Some countries have been charged even more. This decision created a stir in the global markets, and the investors distanced them from risky deals.
PM Mark Carney said that America was leading global trade for the last 80 years, but now it is adopting protectionist policies. He called this change a sad phase and said that this is bad news for the whole world.