Forex
Canada Fires Back at Trump Trade War with Targeted Tariffs
Canada is countering the trade war initiated by US President Donald Trump with retaliatory tariffs targeting specific states and industries. The aim is to apply political pressure on U.S. officials.
The targeted sectors include food products, beverages, and appliances, which will be subject to 50% tariffs in response to the new U.S. tariffs that kicked in earlier this year.
Canada's economy showed surprising resilience with a strong 3.3% growth in the second quarter before the new tariffs took effect. However, growth is expected to continue but at a lower rate.