The U.S. delays new tariffs on Canadian goods as negotiators address dairy, alcohol and metals.
President Donald Trump delayed new 50% tariffs on about $20 billion in Canadian imports until August 22 as U.S. and Canadian officials continued trade negotiations. Talks center on market access for American dairy products, wine and spirits, along with existing U.S. tariffs on Canadian steel, aluminum and automobiles.
Transcript
This week, President Trump temporarily paused a planned hefty tariff on roughly $30 billion in Canadian imports, pushing the deadline to August 22.
President Donald Trump: “It was supposed to be a 50% straight across the board tariff. That was going into effect at 7:00 this morning and I delayed it at the request of Canada for three days so we can iron out the details.”
The tentative agreement would pause tariffs on Canadian imports in exchange for increased U.S. market access, slashing duties on food, and restoring wine and spirit shelf space. In return, the U.S. may cut steel and aluminum tariffs from 50% to 25%.
One of the major sticking points has been U.S. access to the Canadian dairy market. The new deal promises to eliminate barriers for American farmers, but Canadian dairy producers worry it will dismantle their protected supply system and allow a flood of cheap American imports.
President Donald Trump: “Our farmers were paying tremendous tariffs into Canada and those tariffs are going to be totally eviscerated down to zero.”
For Market to Market, I’m Laurel Bower.
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