🇺🇸 The United States imposed 50% tariffs on about US$20…
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🇺🇸 The United States imposed 50% tariffs on about US$20 billion of Canadian products after last-minute trade talks failed, and Canada said it would retaliate dollar for dollar. The duties took effect on 22 August under Section 338 of the Tariff Act of 1930.
The targeted imports include goods such as alcohol, hockey equipment, cement and dairy products. AP reported that they represent about 5% of Canada’s annual goods exports to the United States.
📰 Section 338 allows the president to impose additional duties when a foreign country is found to discriminate against U.S. commerce; its offsetting-duty provisions cap the rate at 50% of value. A Congressional Research Service report had said the authority had never previously been used to impose tariffs.
The dispute puts new pressure on the United States–Mexico–Canada Agreement, which is under review. Canada and the United States exchanged US$880 billion in goods and services in the preceding year, while details of Canada’s retaliatory product list and any renewed deal remained unresolved. 🍁
https://nutanica.com/Section_338_of_the_Tariff_Act_of_1930
The targeted imports include goods such as alcohol, hockey equipment, cement and dairy products. AP reported that they represent about 5% of Canada’s annual goods exports to the United States.
📰 Section 338 allows the president to impose additional duties when a foreign country is found to discriminate against U.S. commerce; its offsetting-duty provisions cap the rate at 50% of value. A Congressional Research Service report had said the authority had never previously been used to impose tariffs.
The dispute puts new pressure on the United States–Mexico–Canada Agreement, which is under review. Canada and the United States exchanged US$880 billion in goods and services in the preceding year, while details of Canada’s retaliatory product list and any renewed deal remained unresolved. 🍁
https://nutanica.com/Section_338_of_the_Tariff_Act_of_1930
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