Retaliatory Tariffs to go in effect Sunday

Foreign Affairs Minister Chrystia Freeland was in Hamilton today to present the final list of retaliatory tariffs against US steel, aluminum and other products. The tariffs will go into effect this Sunday, Canada Day, in response to tariffs levied by the US administration a month ago, on June first.

Freeland says Canada has initiated legal action at the world trade organization and under NAFTA to challenge steel and aluminum tariffs which she says are illegal. She has finalized the list of US products that will be hit with 10% or 25% tariffs.

The minister also announced funding to help protect steel and aluminum companies and their employees.

Steelworkers Union head Gary Howe says his members expect to keep their jobs.

Marvin Ryder from Degroote School of Business agrees that in the long run; this trade dispute could make Canada’s economy stronger, as the country finds other trading partners.

The US has also been contemplating tariffs in the auto industry. Freeland said that would be even more absurd than the current tariffs.

Ryder says the US car manufacturers have told their government they do not want tariffs.

Wall Street is concerned about a US recession as early as next year, if these tariffs continue.