Hey there, trade enthusiasts! In today's fast-paced global market, the US is sticking to heavy tariffs on foreign steel and aluminum—currently a 50% charge that’s sparking serious ripples.
Canada, as one of the main suppliers to the US, isn’t sitting idly by. They’ve countered with a 25% tariff on US-made steel and aluminum products. Even while negotiating with Washington, the talks haven’t produced real results, and the tension keeps building.
On July 10, the US announced a new 35% tariff on Canadian imports, set to kick in on August 1. In response, on July 16, Canada's Department of Finance revealed plans to expand its steel import quota restrictions and impose surcharges on excess imports—including a 25% surcharge on steel products processed in China but imported from elsewhere. 🤔
This trade tug-of-war has many wondering if these old-school tactics still hold water in today's dynamic global scene. As markets evolve with digital innovation and interconnected economies, using outdated strategies might just hurt more than help. What are your thoughts on this tariff standoff? 🚀
Reference(s):
cgtn.com
