CNBC: Canada makes retaliatory tariffs official: 'We will not back down'
* Canada strikes back at the U.S. with $12.6 billion in retaliatory tariffs announced Friday.
* “We will not escalate, and we will not back down,” Canada’s foreign minister says.
* Canada's plan taking effect next week will include imports of U.S. products such as yogurt, caffeinated roasted coffee, toilet paper and sleeping bags.
Canada’s foreign minister announced Friday that Ottawa plans to impose about $12.6 billion worth of retaliatory tariffs on U.S. goods on July 1, joining other major U.S. allies striking back in the escalating trade dispute.
The country is working closely with the European Union and Mexico, according to Foreign Minister Chrystia Freeland.
“We will not escalate, and we will not back down,” Freeland said.
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WNU Editor: I live in Canada, and I know that Canada is not going to win this fight. Canada exports 75% of its goods to the U.S., the U.S. exports 18% and is less dependent on what Canada does. The regulatory and tax system in Canada also no longer makes this country competitive in many key sectors when compared to the U.S., and (for the moment) there is no interest within the Canadian government to lower taxes and/or remove regulations to at least match what investors can get in the U.S.. Energy costs (due to tax and green energy policies) are also significantly higher in Canada (always a killer if you want to be competitive) .... but more importantly .... as I had mentioned in a commentary two days ago ..... the U.S. economy is booming, the Canadian economy not so much ....
.... another indication that the U.S. and Canadian economies are headed in opposite direction. Canada lost 31,000 full time jobs in May (for an economy 1/10th the size of the U.S.), while the U.S. gained 223,000 full time jobs during the same period.
Bottom line .... I expect this economic decline to continue in Canada, and if this trade war really gets out of hand, expect massive Canadian government deficits and a real prospect of a recession in Canada. Another big worry is that household debt in Canada is one of the worst in the world. To put it bluntly, the Canadian public is not ready for hard times if they do come. And on another note .... Canadians will be going to the polls next year .... not a good time to have an election when the economy is tanking (a small nudge to my Liberal friends who run the country in Ottawa).
More News On Canada Imposing Billions In Tariffs On U.S. Goods
Freeland vows to 'not back down' as Ottawa reveals $2B in aid, new tariff targets -- CBC
Canada hits back at U.S. on tariffs, says it will not back down -- Reuters
Feds unveil counter-tariffs, offer metal and manufacturing industries up to $2B -- CTV News
Canada moves ahead with $16.6 billion in tariffs on U.S. products as trade war heats up -- Toronto Star
‘We will not back down’: Ottawa strikes back at U.S. with tariff targets -- Financial Post
Canada to aid steel, aluminum industries hit by U.S. tariffs: source -- Reuters
The full list of 229 US products targeted by Canada’s retaliatory tariffs -- Quartz