What Do Trump's Tariff Hikes Mean for Canada's Trade-Dependent Economy?
'The United States has destroyed the global trade system it created and left nothing in its place but a set of ad hoc arrangements,' he told Ana Swanson, my colleague who covers trade in Washington. 'For trade, the result will be long-term instability that will be bad for business, bad for consumers and bad for global growth.'
[Read: Overturning the Global Trade System, Trump Puts His Ideas to the Test]
For Canada, the week meant that Prime Minister Mark Carney was unable to deliver on his plan to eliminate U.S. tariffs against Canada through negotiations. Instead of a trade deal, Mr. Trump raised tariffs on some imports from Canada to 35 percent from 25 percent.
And, as I wrote, the tariff increase also came with slights against Canada from the president, who has repeatedly dismissed the nation's sovereignty and has called for it to become the 51st state. Mexico was also unable to reach a trade deal. But Mr. Trump postponed tariff increases against it for 90 days to allow time for more talks.
On top of that, Mr. Trump gave the other countries he hit with tariffs on Thursday night a one-week break before they take effect. But the increase for Canada started on Friday.
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