Toronto: The United States and Canada failed to reach a trade deal, and the White House said that it would impose 50 per cent tariffs on certain imports from Canada.
Meanwhile, Canada’s Prime Minister Mark Carney said that Canada would retaliate against the new tariffs.
Carney said Canada has suspended trade negotiations with the United States and recalled its negotiators to Ottawa, following new tariff threats from Washington.
The decision was made after last-minute changes proposed by the US side were deemed “unfair, uneconomic, and called into question the reliability of any deal,” he said in a statement.
“At midnight tonight, the US intends to impose a 50 per cent tariff on roughly $28 billion of Canadian goods. Canada will match those tariffs dollar for dollar to protect our workers and businesses,” Carney said.
In the coming days, he mentioned that the government will introduce additional measures to support Canadian workers and businesses, building on the nearly $25 billion in support provided over the past 18 months.
“These actions complement Canada’s core economic strategy. From day one, we have been focused on building our strength at home and diversifying our partnerships abroad,” the Prime Minister said.
He further mentioned that Canada’s economic growth is accelerating, and the country is on its path to have the second-fastest growth in the G7 over the next two years.
Carney said that the Canadian economy is creating jobs at “four times the rate of the United States”, Canada’s exports to non-US markets are on track to “double over the next decade” and the foreign direct investment in the country is “at its highest level in two decades, running at twice the rate of our nearest G7 competitor”.
“Canada now ranks as the most attractive country in the world for infrastructure investment,” he said.
“Canada has what the world wants. And we will not allow any nation to determine our future. We will set our own course to keep building Canada strong for all,” the Canadian PM added.
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