Carney Calls Out US Tariffs as Trade War Escalates
Canadian Prime Minister Mark Carney accused the US of 'attacking' Toronto with tariffs in a trade war that will affect residents on both sides of the border.
The new 50% US tariffs on $20 billion of Canadian goods went into effect early Sunday morning, bypassing prior exemptions for goods under the United States-Mexico-Canada Agreement (USMCA).
Citing Section 338 of the Tariff Act of 1930, the Trump administration's levies apply to products such as dairy, wine, and furniture.
Carney, a former Governor of both the Bank of Canada and the Bank of England, said the US proposal was 'un-economic' and 'undermined the net benefits for Canada.'
He warned that Canada will retaliate with dollar-for-dollar measures, putting the future of the USMCA in serious doubt.