Canada slaps retaliatory tariffs on US aluminum goods
Source: BBC World News
Canada has announced a C$3.6bn ($2.7bn, £2.1bn) tariff on US aluminium products a day after US President Donald Trump imposed a 10% tariff on some Canadian aluminium products. Canada and the US reached a deal last year to lift tariffs on steel and aluminium imports that had been imposed on grounds of "national security".
Mr Trump reintroduced them on Thursday to protect the US industry. Friday's retaliatory tariffs by Canada will go into effect on 16 September.
The countermeasure was announced after deputy prime minister Chrystia Freeland previously promised a "dollar-for-dollar" fight.
Canada's Chamber of Commerce said the "tariffs were the wrong instrument when they were first imposed in 2018, and they remain the wrong instrument now". National Foreign Trade Council, a US-based pro-trade group, called imposing the new measures a "misguided action", warning it could undermine the new free trade agreement between the US, Canada and Mexico, which came into force in July.
Read more: https://www.bbc.com/news/world-us-canada-53683569
IMO, Trump's tariffs are nothing more than a giveaway to American aluminum companies and their stockholders to buy votes. As usual, American families will pay the cost.
SheltieLover
(57,073 posts)🤬
yonder
(9,653 posts)Wellstone ruled
(34,661 posts)Aluminum necessary product to be increased price wise by a minimum of 10%. Ford Motor will take the biggest hit because of their Product Sourcing which happens to be Canada. You do not just switch suppliers in mid stream.
BusyBeingBest
(8,052 posts)can't keep up.
pandr32
(11,548 posts)Initech
(100,028 posts)Make America Broke Again!
mitch96
(13,869 posts)Who has a big interest in American Aluminum? Two people come to mind.. Derapaska and
McTurtle.. Derapaska just opened a BIG aluminum plant in Kentucky. This benefits McTurtle in his re election bid. Lots of shady things went on with the aluminum plant opening... Federal judge ship ok's by mitch. Judge is wife of one of McTurtles old legislator buddies and a lobbyist for Derapaska.
Hummmmmm....
m
KY_EnviroGuy
(14,488 posts)Two big Century plants in Western KY (and satellite processing plants around them) and the Braidy/Rusal plant in the works in Eastern KY.
I have not kept track of the current progress of the Braidy/Rusal project but this may shed some light:
Executive: Kentucky Aluminum Plant Project Still Needs $500M
A Braidy Industries executive says the company still needs to raise $500 million to build a $1.7 billion aluminum plant in eastern Kentucky.
By Associated Press, Wire Service Content?Feb. 11, 2020, at 5:31 p.m.
via U.S. News & World Report
BRUCE SCHREINER, Associated Press
Link: https://www.usnews.com/news/best-states/kentucky/articles/2020-02-11/braidy-executives-give-update-on-plans-for-aluminum-plant
Excerpts:
Braidy Industries officials appeared before the Senate Appropriations and Revenue Committee following the recent ouster of Braidy's CEO, which raised new concerns about the prospects of the uniquely-structured project.
Kentucky taxpayers have a direct stake in Braidys plans to build the aluminum rolling mill near Ashland in northeastern Kentucky. During his term as governor, Republican Matt Bevin persuaded lawmakers to approve a $15 million state investment in the project. Even with that boost, the project struggled from the start to obtain the private capital it needed to get the project off the ground.
The state investment also sparked a legal fight over transparency, led by the Courier-Journal, which sought records detailing the companys finances. Democratic Gov. Andy Beshears administration recently released those records, which Bevins administration had fought in court to withhold. Beshear defeated Bevin in last years election.
As you said, as always with Republicans, follow the money. I might add: follow the Russians too.
KY
safeinOhio
(32,632 posts)found their leader.
JustABozoOnThisBus
(23,315 posts)This could affect the price of beer, you morons.
Knock it off.