Canada Has Made Millions Off Its Trade War With The States, Here’s What The Government Is Doing With The Cash
If you’ve been living in Canada or America this year, you surely must know by now that the two countries are not getting along when it comes to cooperating on trade.
The Canadian government says that, so far, it has been making millions of dollars off the tariffs, and is using the money in a smart way to help in the trade dispute.
As a way of shoring up Canadian companies affected by ongoing tariff issues between the two countries, the government is now funnelling the profits from tariffs back into industries being hurt by the trade dispute.
The Canadian government says that it has raised nearly $300 million dollars this year from American companies having to pay tariffs to Canada.
That money is now being directed back to the Canadian steel and aluminum industries, which were hit with 25 and 10 percent tariffs by Donald Trump, such as the steel factory in Hamilton, Ontario pictured below.
This is a way of ensuring that they can stay afloat while the trade war and NAFTA talks continue.
The American government says that it has made over a billion dollars from tariffs so far. But, much of that money also comes from tariffs established in China and the European Union.
The exact number of Canadian dollars in that total are unknown at this time.