Ontario, Canada(National Times)- The United States imposed 50 per cent tariffs on some \u200cCanadian goods on Saturday after the two longstanding allies failed to reach a trade deal, with each side accusing the other of derailing days of talks.<\/p>\n\n\n\n
The tariffs that came into effect just after midnight (0400 GMT) on some $20 billion of Canadian goods \u2014 things like wooden ice hockey sticks that are rarely used anymore \u2014 are far \u200bfrom an economic game-changer for the largest US trading partner after Mexico. That represents just over 5pc of Canada\u2019s exports to \u200bthe US.<\/p>\n\n\n\n
But the new tariffs mark an increase in tensions between President Donald Trump and Prime Minister Mark Carney, \u2060and will likely make broader talks to renew the US-Mexico-Canada free trade agreement more difficult.<\/p>\n\n\n\n
Carney said he had suspended trade negotiations and \u200bCanada would retaliate \u201cdollar for dollar\u201d on the new tariffs.<\/p>\n\n\n\n
\u201cI have decided to suspend trade negotiations with the US and have directed Canada\u2019s negotiators to \u200breturn to Ottawa,\u201d Carney said in a statement.<\/p>\n\n\n\n
\u201cThey (negotiators) have worked hard, in good faith, to defend the interests of Canadians throughout these negotiations up until the very last minute,\u201d he said.<\/p>\n\n\n\n
\u201cHowever, last-minute changes in the US proposed terms were unfair, uneconomic, and called into question the reliability of any deal.\u201d<\/p>\n\n\n\n
Carney, the only person to \u200bever run the central banks of two major economies, was elected last year on promises to stand up to Trump, and remains broadly \u200bpopular. Polls show most Canadians oppose making any concessions to Trump.<\/p>\n\n\n\n
Hours earlier, the two sides had seemed close to an agreement that sources said would have \u200clowered \u2060tariffs on steel, aluminum and autos and potentially brought American alcohol back to Canadian liquor stores.<\/p>\n\n\n\n
\u201cTonight, Canada declined to finalise the trade deal under the terms agreed earlier this week,\u201d US Trade Representative Jamieson Greer said during a White House briefing.<\/p>\n\n\n\n
\u201cThis is a missed opportunity for Canada to partner with the United States, which is the fastest-growing economy in the G7,\u201d Greer said.<\/p>\n\n\n\n
A senior Trump administration official said the US offer \u200bwould have put Canada in the \u200bbest tariff position of any \u2060major exporter to the US, but that Canada had sought additional concessions, especially on steel, aluminum, autos and softwood lumber.<\/p>\n\n\n\n
No additional talks are scheduled as the US implements the new duties, the official said.<\/p>\n\n\n\n
Trump last month \u200bthreatened to impose a raft of duties on a range of Canadian imports including wine, furniture, \u200bdairy products, cement, clothing, \u2060fishing rods, hockey equipment.<\/p>\n\n\n\n
The tariffs, which do not qualify for preferential treatment under the US-Mexico-Canada free-trade agreement, open up some already vulnerable sectors to potential severe damage that could lead to job losses and business closures, trade experts have said.<\/p>\n\n\n\n
The decision by the US administration followed three days of \u2060talks in \u200bWashington between Canada\u2019s minister for trade with the US, Dominic LeBlanc, and Greer.<\/p>\n\n\n\n
The new \u200bduties add to existing US tariffs on steel, lumber and autos which have taken major hit in the last 18 months, although the malaise has been largely contained within \u200bthese sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ontario, Canada(National Times)- The United States imposed 50 per cent tariffs on some \u200cCanadian goods on Saturday after the two longstanding allies failed to reach a trade deal, with each side accusing the other of derailing days of talks. The tariffs that came into effect just after midnight (0400 GMT) on some $20 billion of […]<\/p>\n","protected":false},"author":2,"featured_media":131720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-131719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","entry"],"yoast_head":"\n