Article content
United States President Donald Trump announced sweeping reciprocal tariffs against U.S. trading partners on Wednesday, but did not apply an additional levy on Canada.
Article content
“This is one of the most important days in my opinion, in American history,” Trump said during a press conference from the White House Rose Garden on Wednesday. “It’s our declaration of economic independence.”
Article content
During a sprawling press conference, Trump railed against countries who have imposed non-tariff barriers on U.S. products, stolen intellectual property and imposed exorbitant taxes.
He then read from a chart that listed what he called “discounted” reciprocal tariff rates the U.S. was applying to a number of trading partners. Many of the higher rates appeared to be approximately half of what the U.S. claimed it was facing from those countries. Other countries will face a baseline 10 per cent tariff on its exports to the U.S.
Canada was not on the list, and a White House fact sheet released later said that the existing tariff regime, which exempts goods covered by the Canada-United-States-Mexico Agreement (CUSMA), will remain in effect.
The exemption on CUMSA goods and a tariff of 25 per cent on non-CUSMA compliant goods and 10 per cent on non-CUSMA compliant energy and potash “are unaffected by this order,” the fact sheet said.
Canada still faces a number of tariffs by the U.S. administration, including a 25 per cent tariff on all autos and auto parts, which are set to take effect at midnight on April 3. A 25 per cent tariff on Canadian aluminum and steel announced on March 12 also still remains in effect.
Share this article in your social network