Canadian PM Carney throws down the gauntlet on US tariffs
Source Fxstreet
Newly-minted Canadian Prime Minister Mark Carney struck back against US President Donald Trump's sweeping tariff package on Thursday, detailing Canadian retaliation measures that will serve as a thermometer to see how well the US has been complying with its own USMCA (nee NAFTA) deal restrictions.
Key quotes
- Canada will develop a framework for auto producers to avoid our counter tariffs, as long as they maintain their production and investment in Canada.
- Canada tariffs will not affect auto parts and will not affect vehicle content from Mexico.
- Canada will impose 25% tariffs on all vehicles imported from the US that are not compliant with the USMCA trade deal.
- Every single dollar raised, about CAD 8B before remission, from these tariffs will go directly to our auto workers and the companies affected by these tariffs.
- The previously announced retaliatory tariffs will remain in effect.
- Until the pain caused by tariffs becomes impossible for the Trump administration to ignore, I do not believe they will change direction.
- I am not at this time planning to coordinate Canada's response with other nations.
- We need to reset our overall relationship with the United States.
- I told Trump last week that I would retaliate on autos.
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