Canada set to eliminate most US tariffs
Photo: Canadian Prime Minister Mark Carney (Getty Images)
Canada will eliminate most tariffs on American goods by September 1. However, duties on strategic imports will remain, according to Canadian Prime Minister Mark Carney.
On Friday, August 22, Carney announced that Canada will eliminate all tariffs on American goods covered by the Canada-United States-Mexico Agreement (CUSMA).
The Prime Minister also added that Canada will maintain customs tariffs on steel, aluminum, and automobiles while the government works with the US to establish new trade relations between the two countries.
According to him, 85% of Canada's trade with the US is now duty-free, which is a better deal than in other countries.
The day before, US President Donald Trump said that Washington wants to be very good to Canada.
"I like Carney a lot. I think he's a good person and we had a very good talk yesterday," he said Friday in the Oval Office.
Trump's customs tariffs
In early April, US President Donald Trump imposed unprecedented import duties. This move shook global markets. But on April 9, Trump suspended additional tariffs for a number of countries. This concerns more than 75 countries that have approached the US with a proposal for negotiations.
The US is currently continuing negotiations with countries, and trade agreements have already been concluded with some states. For example, Trump reached an agreement with the EU on customs tariffs. Trump announced the introduction of a 15% general tariff on imports from 27 EU countries.
Trump also imposed additional 25% tariffs on India, one of Russia's largest trading partners.
