Earlier today American president Donald Trump’s Secretary of Commerce, Wilbur Ross, announced that the United States would be imposing tariffs of 25% on imported steel and 10% on imported aluminum from Canada effective at midnight tonight.
It’s likely that many Canadians know that these tariffs will effect them in some way but aren’t sure how exactly.
So consider this your quick guide to what exactly is going to happen to impact your life because of these tariffs.
The thing that is going to impact all Canadians is that prices on goods made out of American steel or aluminum will likely increase a little.
This could mean anything from aluminum beer cans to refrigerators to certain types of cars built in the U.S..
Walid Hejazi, an associate professor of international business at the University of Toronto explained it this way, “When Canadians import products from the U.S. that have steel in them, they’ll pay a higher price,” he said.
It’s impossible to say right now exactly how much per cent the price of products with steel and aluminum will increase, but if your weekly run to the grab a 6-pack of beer for the weekend starts costing you more this is why.
The Government Of Canada has said in the past that it would retaliate against the States if these tariff's were imposed on Canada.
Prime Minister Justin Trudeau is expected to make some sort of announcement this afternoon regarding the tariffs.
So don't expect this to be the end of the story.
Source: Global News