Canada-US Tariffs Have Finally Been Lifted And Here's What That Means For Canadians
Tariffs on steel and aluminum imports for Canada have been lifted.
The US and Canada haven't always seen eye to eye when it comes to certain global and national issues. Tariffs between the US and Canada have been an ongoing issue since Trump's presidency and has put a toll on multiple consumer products throughout Canada. Today, it has been confirmed that Canada and the US have reached a deal to lift the Canada and US tariffs that have recently been put in place.
In case you didn't already know, the US government slapped a 25 percent tariff on all imports of steel and a 10 percent tariff on all imports of aluminum last year. After these tariffs were put in place, Canada retaliated with placing its own tariffs of 25 percent steel and 10 percent aluminum, as well as 10 percent on certain consumer products. These tariffs resulted in extra costs for consumers in both America and Canada.
As of today, CBC News has confirmed that Canada and the US will be removing the steel and aluminum tariffs throughout North America. This lift in tariffs is expected to no longer impose or limit the amount of Canadian imports from the US.
According to CBC this deal comes after multiple negotiations that occurred this week between Justin Trudeau and Donald Trump. The Finacial Post reports that in an effort to keep 'cheap Chinese products' out of the country, the US has agreed to remove tariffs on steel and aluminium imported from both Canada and Mexico within the next 48 hours.
What does this mean for consumers? Back when the tariffs were first put in place last year, Global News reported on all the products that would likely take a price increase throughout Canada. They stated that many companies who faced this 10 percent tariff were going to push it directly onto the consumer for over 80 different products.
Global News stated that a majority of products affected by the tariffs, including Folgers coffee, whiskey, chocolate, toilet paper, and even salad dressing would all increase in price by 10 percent.
For example, Canadians could see themselves paying $35.61 for a 750 ml bottle of whiskey, when before the retail price was only $32.38. They also stated that you could be expected to pay an extra two dollars for household items such as toilet paper.
This means, that with the lift of these tariffs, Canadians could potentially see the prices of these tariffs items start to drop back to the prices that they saw before the tariffs were put in place last year.
While the outlines for the lift of these tariffs have not yet been outlined in detail, Justin Trudeau will be meeting with the steelworkers at the Stelco plant in Hamilton today to discuss these new policies further.