US and Canada reach ‘very fair’ trade agreement, Trump says
Summary
President Donald Trump announced that the United States has reached a trade deal with Canada that removes tariffs on US farmers and businesses exporting to Canada. He paused planned 50 percent tariffs on Canadian goods for three days while finalizing the agreement.Key Facts
- President Trump said there will be no tariffs on US goods going into Canada under the new trade deal.
- A planned 50 percent tariff on Canadian imports was paused for three days to allow time to finalize the deal.
- The tariffs would have affected about $20 billion worth of Canadian imports to the US.
- The US and Canada have been negotiating to reduce tariffs, especially on Canadian vehicles.
- The US discussed lowering Section 232 tariffs (used when imports are seen as a security threat) on Canadian cars from 25% to 15%.
- Canada exports nearly 72 percent of its goods to the US.
- The trade relationship was strained by tariffs imposed during President Trump’s current term.
- Canadian Prime Minister Mark Carney said progress has been made but some work remains before finalizing the deal.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
