Hamilton 'breathing a little bit easier' after Canada exempted from steel tariffs


I would strongly urge the president to reconsider the impact these tariffs will have on future ag exports, the five million manufacturing and related jobs that use steel or aluminum in addition to the added costs to consumers and American manufacturers who will pay higher prices for inputs, goods and services.

The chamber says it will continue to advocate on behalf of business to ensure that nations who do not respect trade law and fair trade do not take advantage of Canada by dumping their products in the country and risking jobs.

"I've said I'm OK with modernizing NAFTA, it's a 25-plus-year-old trade agreement so that make sense".

Many observers read that as a softening of his stance to have no exemptions, and that sent global financial markets roaring back Tuesday. We understand why Canadians are concerned with the NAFTA renegotiations.

The NAFTA talks are going slowly and the Mexico City round - the seventh of eight planned sets of negotiations - produced little of substance.

Tariffs and a depreciating loonie would also boost the price of US imports into Canada, leading real merchandise imports to fall by a similar $8.8 billion or 1.8 per cent. Annoy the president, which considering his renowned hypersensitivity is easy, and those tariffs are slapped on Canadian steel and aluminum shipped south of the border.

Ongoing depreciation of the dollar would make it hard to rein in the trade deficit, which Trump has pledged to shrink.

"I've said I'm okay with modernizing NAFTA", said Reynolds.

"Our farmers are the first target", said Reynolds.

Even Canadians not involved in the steel and aluminum industry would feel the impact, since steel and aluminum products imported from the USA would see their prices increase under new tariffs.

"There are potential carve-outs for Canada and Mexico based on national security - and possibly other countries as well, based on that process", Sarah Sanders said during her daily media briefing.

A representative for the White House did not immediately respond to a request for comment on Trump's statement.

Prime Minister Justin Trudeau called the threat "unhelpful", coming just ahead of another tense round of NAFTA talks.

The fight over tariffs comes amid intense turmoil in the West Wing, which has seen waves of departures and negative news stories that have left Trump increasingly isolated in the Oval Office, according to two senior officials speaking on the condition of anonymity to discuss internal thinking.

The EU and China are hinting they will retaliate. Republican House Speaker Paul Ryan says he fears other countries' retaliation and the start of a trade war.

Despite his Conservative Party's place in opposition, Fast said he had full confidence in Canada's negotiation team that has been meeting with Mexican and American counterparts in recent months.

Mnuchin said no one should be surprised at the tariffs.

The speech, a day after the bank held rates, reinforced a dovish message, and financial markets had little reaction, overshadowed by the USA tariff announcement.