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Trade Wars Begin: Trump Announces 20% Tariff On Canadian Softwood Lumber Imports

from ZeroHedge:

Speaking during a first of its kind meeting dedicated only to members of the U.S. conservative media, including Breitbart News, OANN and Daily Caller, President Trump told reporters to expect a 20% tariff on softwood lumber coming into Canada.

“We’re going to be putting a 20 per cent tax on softwood lumber coming in — tariff on softwood coming into the United States from Canada,” tweeted Charlie Spiering of Breitbart Media.

Trey Yingst of OANN tweeted that according to Trump “Canada has treated us very unfairly” and also threatened a tax on Canada’s dairy industry.

According to the WSJ, Wilbur Ross said the tariff will be applied retroactively and imposed on Canadian exports to the U.S. of about $5 billion a year. He said the dispute centers on Canadian provinces that have been allegedly allowing loggers to cut down trees at reduced rates and sell them at low prices. “The determination that Canada improperly subsidizes its exports is preliminary, and the Commerce Department will need to make a final decision. In addition, the U.S. International Trade Commission will need to find that the U.S. industry has suffered injury. But even a preliminary decision has immediate real-world consequences, by discouraging importers from buying lumber from Canada.”

Or, as a WSJ associate editor put it, “Blame the Chinese, but tax the Canadians:”

We tried to negotiate a settlement but we were unable,” Mr. Ross said, adding that previous administrations have also been unsuccessful in resolving the dispute.

Read More @ ZeroHedge.com

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1 comment to Trade Wars Begin: Trump Announces 20% Tariff On Canadian Softwood Lumber Imports

  • Bob

    You Yanks better be careful, or we’ll withhold our Labatts and Molson’s beers. And if this escalates, we’ll beam some CBC programming south and bore you to death.

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