based on materials from the site - By BitcoinInfoNews.Com
The USA imposes a 50% tariff on Canadian aluminum
U.S. President Donald Trump signed an order to increase tariffs on aluminum to 50%, aimed at supporting domestic industry. Jean Simard from the Canadian Aluminum Producers Association criticized this move for destabilizing supply chains, stating: "A 50% tariff on Canadian aluminum will suppress demand across the continent—regardless of whether the metal is produced in Canada or the U.S. It will affect workers on both sides of the border and disrupt key sectors including defense, construction, and automotive manufacturing." [1]
Canadian countermeasures are led by the Department of Finance, which seeks to mitigate the impact on trade. The new tariff rate makes the export of Canadian aluminum economically unviable, prompting potential trade shifts.
Billions in cross-border aluminum trade are at risk
The tariff increase jeopardizes billions in cross-border aluminum trade and disrupts industries such as defense and construction. Canadian and American workers may face negative consequences.
There are no signs of impact on cryptocurrencies such as BTC or ETH. Canadian exporters are strongly advised to consider new markets with the support of Export Development Canada.
Echoes of the 2018 tariff measures and industry response
This tariff resonates with similar measures from 2018, causing disruptions in the supply chain without directly impacting cryptocurrencies. Past tariffs prompted retaliatory measures from Canada.
Potential consequences include increased market uncertainty as Canadian companies adjust their strategies. Historical data indicates long-term trade shifts if tariffs remain.
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