Update on the latest customs developments
🇺🇸🇨🇦Trump backtracks and wants to impose a 250% tariff on some Canadian goods
One day after announcing a one-month delay on the 25% tariff on nearly all Canadian goods, Trump again posted accusations that Canada is deceiving American farmers through the USMCA. Specifically, in 2024, Canada imposes exorbitant tariffs on many American products, especially in the dairy sector:
- Milk: Up to 243%
- Butter: Up to 298%
- Cheese: Up to 245%
Trump criticizes Canada for protecting its domestic products while still "benefiting" from trade with the U.S. and claims that the U.S. will impose retaliatory tariffs – possibly as early as today (March 8) or on March 10-11.
This is yet another turning point in the volatile trade policy that seems to change by the hour from the U.S. President.
🇨🇳🇨🇦China retaliates against Canada with a 100% tariff
China has just announced a 100% tariff on some agricultural and food products imported from Canada starting March 20 after Canada imposed tariffs on electric vehicles, steel, and aluminum from China.