Carney ready to talk on business with Trump if ‘honor for sovereignty’
Canadian Prime Minister-Namit Mark Carney has said that he is ready to interact on a fresh trade deal with President Donald Trump, unless “Canadian is honored for sovereignty”.
Carney made these comments during a trip to a steel plant at Hamilton, Ontario, as Canada unveiled C $ 29.8 billion ($ 20.7 billion) in mutual tariffs on American imports.
It comes after Trump slapping 25% tariffs on all steel and aluminum coming into the country.
Since President Trump took over in January, the two countries have been involved in a growing trade war, the US President has repeatedly threatened his neighbor.
Carney on Wednesday condemned the latest round of US tariffs as “unfair”.
He said, “We are all going to be better when the largest economic and security partners in the world have been renewed, resumed,” he said.
Canada, which is the largest foreign supplier of steel and aluminum for the US, is exposed to tariffs.
Trump has upheld Tariff, claiming that they are essential for US national security and to promote the demand of domestic producers, who argue that they have been “depressed” by foreign competition.
The US President implemented 25% tariffs on goods from Canada and Mexico, which cited concerns over drugs and migrants crossing the US border.
Tariffs on steel and aluminum, effective from Wednesday, marks the end of the previously given discounts to many countries including Canada.
In vengeance, Canada announced tariffs on American goods, including steel and aluminum, with additional measures to be effective at 00:01 EST (04:01 GMT) on Thursday.
The new tariffs include several products, including C $ 12.6 billion on steel, $ 3 billion on aluminum, as well as equipment, computer equipment, water heaters, sports equipment and cast-air products.
Experts say the growing trade dispute is a threat of economic stability for the two countries.
On Wednesday, Canada’s Central Bank cut interest rates by 3% to 2.75% to prepare the country’s economy for disruption.
Canadian Finance Minister Dominic Labland told a news conference that the country was still demanding de-assevelet.
“If you are running in the basement, there is no real award for the first person to go to the basement,” Lablac said.
On Thursday, Ontario Premier Dug Ford, along with federal representatives, will meet US Commerce Secretary Howard Lutynik.
Lutnik told the Fox Business Network that in the meeting he is planning to try “level set” things between the two countries.
Mark Carney, who was elected the leader of the Governing Liberal Party on Sunday, has been sworn in as Prime Minister to replace Justin Trudeau. He has promised to win a trade war against Trump after his landslide victory.
Jonathan Joseph and Lisa with reporting from Lambert
