Canada to Lift Retaliatory Tariffs on the U.S., Extending an Olive Branch to Trump

BlockBeats News, August 23rd, Canada will lift retaliatory tariffs on numerous American products that comply with the existing North American Free Trade Agreement, aiming to ease tensions with the White House. Canadian Prime Minister Mark Carney is expected to announce this decision on Friday after a cabinet meeting. According to sources familiar with the matter who requested anonymity, the government will adjust its tariff policy to align more closely with the United States' measures.

This means that many American consumer goods will no longer face a 25% tariff when exported to Canada as long as they comply with the terms of the USMCA. However, the Canadian government may maintain a 25% import tariff on American steel and aluminum products, as well as tariffs on American automobiles. Former President Trump had imposed tariffs on these industries. (Soochow Securities)