Trump Threatens Canada With 35% Tariffs
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Trump dropped a new tariff threat on Canada, promising an additional 35% import tax on all goods from the largest U.S. trade customer — starting Aug. 1.
The Port of Vancouver, Canada’s main trade gateway to Asia, kicked off the search for a company to build a new wharf to handle 70% more containers, as the country looks for ways reduce economic reliance on the US.
The federal government, industry, and provinces are seizing the crisis to try and build more stuff more quickly - "build, baby, build" in the words of our prime minister - under the premise that it will help reduce dependency on an increasingly unpredictable neighbour.
The Canadian dollar edged higher against its U.S. counterpart on Thursday but the move was modest as the greenback notched broad-based gains and after new U.S. trade tariffs cast doubt about prospects of a trade deal this month between Canada and the United States.
New government data show that Canada's companies are finding more alternative markets to lessen their economic reliance on a US economy.
An Ipsos poll conducted for Global News shows six in 10 Canadians believe removing interprovincial trade barriers will help offset the economic damage from the trade war.
Canadian companies are boosting trade with allies other than the U.S. and with smaller markets to minimize economic damage from President Donald Trump's tariffs, government data shows. While other markets have reduced Canada's reliance this year on the U.