Canada’s Prime Minister Mark Carney said on Friday that the government is disappointed with the United States (US) on the fresh tariff rate, according to Reuters.
These comments came after US President Donald Trump signed an executive order increasing tariffs on Canadian goods to 35% from 25% on all products not covered by the US-Mexico-Canada trade agreement.
Key quotes
Trump has announced US will increase tariffs to 35% on Canadian exports not covered under USMCA.
While negotiations continue with the US, Canada is focused on what we can control; that is on the Building Canada Strong campaign.
Sectors such as lumber, steel, aluminum, autos are unfortunately going to he heavily impacted by US tariffs.
Market reaction
At the time of writing, the USD/CAD pair is trading 0.02% lower on the day to trade at 1.3850.
