Canadian dollar slips as Trump mulls bilateral NAFTA talks

The remarks are likely to create more economic uncertainty between Canada and the USA following Trump’s imposition of steel and aluminum tariffs that now affect imports from this country, Mexico and Europe. Bob Corker, the official said. Mexico had signaled last week that it meant to retaliate against the USA steel and aluminum tariffs. Mexico sells about 80% of its exports to the US.

United States’ pork exports to Mexico were worth more than USA $1 billion past year, according to government data, and between 2010 and 2017, 89.2% of all pork exports to Mexico came from the U.S.

“It does not detract from the friendship we have for each other and the friendship between our two countries”, he said.

“We will do what is necessary to protect the United States, its businesses and its workforce”, he added.

In August of 1814, the USA federal capital was indeed invaded and burned by troops based in what is now Canada.

The move has also dismayed some domestic businesses, including pork producers, who now face a 20% tariff on exporting leg and shoulder to Mexico.

Conservative Leader Andrew Scheer says as long as there is a possibility to save NAFTA that should be Canada’s priority.

The group says that there are 110,000 USA jobs directly tied to U.S. pork exports to Mexico as well as to other countries.

In retaliation, all of them have either hit back with their own tariffs on USA goods or threatened to do so, as well as challenging the United States trade measure at the World Trade Organization. The United States, Mexico and Canada agreed to NAFTA in the 1990s, and all three countries have worked to renegotiate the deal since Trump became president.

Analysts say the tariffs are created to hit US Republican strongholds ahead of mid-term elections in November.

Although the European Union hasn’t pulled the trigger on its own tariffs – yet – it recently opened a case at the World Trade Organization, arguing Trump’s tariffs can’t be justified on national security grounds and are no more than “pure protectionism”.

Tariffs on cheese (and other products) coming in and on metals going out. “It provides the most certainty for American companies and is the best way we can sell “Made in America” products”. And it will put tariffs on some larger ticket items such as sailboats, washing machines, dish washers and lawn mowers.

What are tariffs? Taxes on products made overseas.

Sources claimed that the president invoked the War of 1812 when his Canadian counterpart asked him how he could justify the tariff change as a “national security” issue, which the administration had done under a 1962 trade law.