In a dramatic twist in global trade, the US tariff war is heating up as old school tactics clash with modern economic realities. 🚀 Currently, the US imposes a 50% tariff on foreign steel and aluminum, prompting Canada to counter with a 25% tariff on US-made products. This tit-for-tat move has set the stage for tense negotiations, although a trade deal remains elusive.
On July 10, US President Trump announced a 35% tariff on Canadian imports set to begin on August 1—another bold move targeting a key ally. In response, Canada's Department of Finance revealed on July 16 plans to tighten steel import quota restrictions and impose surcharges on excess imports in order to counter US steel tariffs and address global steel overcapacity.
The tension deepens as Canada will also levy a 25% surcharge on steel products melted and poured in the Chinese mainland but imported from countries other than the US. This move underscores how clinging to outdated, protectionist measures may backfire in today’s interconnected economy. 🤔
For news enthusiasts, business professionals, and curious minds alike, this unfolding tariff battle reminds us that trade disputes are far more complex than just numbers—they can reshape global markets and spark debates about the best way forward. Stay tuned as the drama unfolds!
Reference(s):
cgtn.com
