By Drew Spoelstra, President, Ontario Federation of Agriculture
To say that there’s been a lot going on in the world over the last eight months would be an understatement. We’ve come through both a provincial and a federal election here at home, which have brought changes. Drought and wildfires have made headlines and caused stress and challenges for those affected.
The biggest development, however, has been the arrival of a new administration south of the border, which, in short order, has turned long-standing world relationships upside down, upended supply chains and created an unpredictable global tariff and trade situation that continues to remain fluid.
Since March, Canada has been dealing with a variety of tariffs at various levels on our exports to the United States, including steel, aluminum, automotive, energy and products not covered under the Canada-U.S.-Mexico Agreement (CUSMA).
In response, Canada placed reciprocal duties on approximately $60 billion worth of U.S. goods in March. On September 1, Canada exempted CUSMA-compliant U.S. products from its retaliatory tariffs, covering $30 billion worth of U.S. goods, but tariffs remain in place on imports of U.S. steel, aluminum, and autos.
An August 1 deadline for our two countries to reach a new deal on tariffs has come and gone with no new announcements – except executive orders upping U.S. tariffs on non-CUSMA-compliant Canadian goods to 35% and adding a 50% tariff on some copper imports.
Click here to see more...