Kathmandu. The U.S. and Canada have failed to reach an agreement on a trade deal. As a result, the U.S. has imposed a 50% tariff on more than $20 billion worth of Canadian goods.
Canadian Prime Minister Mark Carney has vowed to impose similar tariffs in the United States. Carney said in recent weeks Canada has made rapid progress in building Canada’s standing with the United States in the world. But the Canadians have failed to meet their goals. “Canada will respond to the new U.S. tariffs the equivalent of dollars,” Carney said. ’
US Trade Representative Jameson Greer said Canada had refused to finalise the trade deal under the terms agreed earlier this week. “Despite US proposals to lower tariffs on sectors such as steel and aluminum, Canada rejected them,” he said. ’
Carney said the last-minute changes to the U.S. terms were “unfair, unprofitable, and call into question the credibility of any deal.” He said he would announce more support for Canadian businesses and businesses in the coming days.
Canada is seeking relief from U.S. tariffs on automobiles, steel and aluminum. That has put pressure on its economy, contributed to job losses and strained its once-strong trade relationship with the United States.
Carney has repeatedly warned Canadians that whatever the outcome of any individual trade deal, the relationship with the U.S. will be permanently altered. “Canada needs to diversify and reduce its dependence on the United States,” he said. That’s currently about 70 per cent of Canada’s exports.
Last year, the trade of goods and services between the two countries was $ 4880 billion. But now this tariff dispute can lead to a significant decline in imports and exports. Although the deadline to complete the contract has been extended by 3 days, it has not materialized yet. –Agency
