Canada spared from today’s ‘reciprocal’ tariffs
After showing a chart listing the various tariff percentages he will be charging some countries — Canada and Mexico were not on the chart — U.S. President Donald Trump said there would be a 10 per cent ‘minimum baseline’ tariff on goods from foreign countries.
As the U.S.’s closest trading partners waited with bated breath, amid an unclear, game-show-style announcement from Trump, the details were completely murky.
We now have some clarity. Canada and Mexico were not on today’s target list for so-called “reciprocal tariffs.” But the two countries remain subject to a hodgepodge of previously announced tariffs.
The White House just released a fact sheet clarifying that North America is still covered by the Swiss cheese of tariff policies announced in recent weeks.
This includes a 25 per cent tariff on goods not traded under the rules of the Canada-U.S.-Mexico pact, as a result of Trump’s so-called fentanyl tariffs. There’s a 10 per cent tariff on certain other non-compliant energy products and potash.
Still, the White House statement is vague on other details — including existing tariffs on autos, steel and aluminum, which significantly affect Canada. Awaiting details there.
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