Tariff will come into effect almost immediately.
US President Donald Trump is reimposing tariffs on Canadian aluminum.
The tariffs will be imposed under Section 232 of he U.S. Trade Expansion act.
Trump made the announcement at a speech in Ohio:
Tariffs had previously been in place on Canadian aluminum starting in May of 2018, and lasted about a year.
Those tariffs were then removed.
However, the U.S. has been pushing for Canada to restrict our export of aluminum by using quotas, something they say has not taken place.
It is likely that Canada will reimpose retaliatory tariffs in response.
This is another example of why it’s important for Canada to reduce our dependence on foreign trade, as it leaves us at the whim of other countries. By contrast, building up our own domestic economy, (for example building up our military and navy would boost Canadian aluminum) keeps more wealth within our own country, and strengthens inter-provincial trade, making our country more self-sufficient.
Photo – YouTube