Canada: Will impose tariffs on imports of certain US aluminum products by September 6
|Canada's Deputy Prime Minister Chrystia Freeland said on Friday the idea that Canadian aluminum is a threat to the US economy is a "ludicrous notion." Freeland further announced that Canada will start imposing tariffs on imports of certain US aluminum and aluminum-containing products from September 16th.
Key takeaways
"The US decision to impose tariffs on Canadian aluminum is absurd."
"Canada will impose tariffs equivalent to those imposed by the united states, does not want to inflame the situation but will not back down."
"Canada will respond swiftly and impose dollar for dollar countermeasures against US aluminum."
"Canada will consult Canadians and industry for 30 days before retaliatory tariffs are imposed, the total amount of goods subject to tariffs will be C$3.6 billion."
Market reaction
The USD/CAD largely ignored this announcement and was last seen gaining 0.53% on the day at 1.3375.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.