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Canada may hike tariffs on US steel, aluminium based on trade talks: Carney
Canada's Prime Minister Mark Carney said on Thursday he will impose new tariffs on US steel and aluminum imports on July 21 depending the progress of trade talks with US President Donald Trump.
Carney, who met with Trump at the Group of Seven meetings in Alberta this week, reiterated Thursday that Canada and the US "agreed to pursue negotiations toward a deal within the coming 30 days".
We will review our response as the negotiations progress, Carney said.
He added: "In parallel, we must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust US tariffs. That's why today we are announcing Canada will be introducing a series of countermeasures to protect Canadian steel and aluminum workers and producers.
"First, Canada will adjust its existing counter-tariffs on US steel and aluminum products on July 21 to levels consistent with progress made in the broader trading agreement with the United States.
Carney said Trump's trade war is running the risk of a global recession.
The world is in the middle of a trade war and several wars, actual wars, including wars that can have quite significant implications for commodity prices and global growth, said Carney, who led the central banks of both Canada and the United Kingdom.
Trump has imposed 50 per cent tariffs on steel and aluminum as well as 25 per cent tariffs on autos. Trump is also charging a 10 per cent tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire.
Canada and Mexico face separate tariffs of as much as 25 per cent that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 US-Mexico-Canada Agreement signed during Trump's first term.
Canada is the largest foreign supplier of steel, aluminum and uranium to the US and has 34 critical minerals and metals that the Pentagon is eager for.
Nearly USD 3.6 billion Canadian dollars (USD 2.6 billion) worth of goods and services cross the border each day. Canada is the top export destination for 36 US states.
We need to stabilise the trading relationship with the United States. We need to have ready access to US markets, Carney said.
Trump announced with British Prime Minister Keir Starmer that they had signed a trade framework Monday that was previously announced in May. The trade framework included quotas to protect against some tariffs, but the 10 per cent baseline would largely remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts.
Carney didn't say if he would sign a deal with the US if any tariffs remain in place on Canada.
This a negotiation, and it is better for the Americans, and of course for Canada, to have true free trade between our countries, particularly in the steel, aluminum and auto sectors, he said.
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