Mary Ng, Canada's Minister of Export Promotion and Trade, discusses the impact of President Trump's tariffs, emphasizing their detrimental effects on American consumers. She outlines Canada's commitment to retaliation if necessary and the ongoing collaboration with the U.S. to mitigate these challenges. Ng highlights the importance of maintaining strong economic ties despite tariffs, and she addresses Canada's efforts to diversify trade partnerships, particularly in the Indo-Pacific, while navigating the complex landscape of U.S. policies.
Canada's Trade Minister highlighted that U.S. tariffs increase costs for American consumers and reiterated readiness for retaliation if imposed.
The Canadian government is actively pursuing trade diversification strategies and market exploration to lessen dependency on the U.S. economy.
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Tariffs and Canadian Trade Policy
Recent tariffs imposed by the U.S. on Canadian exports, including a blanket 25% tariff, have raised significant concerns for Canada, particularly given that a large portion of Canadian exports adds value to the U.S. economy. The Canadian administration is actively negotiating with the U.S. to seek a 30-day pause on these tariffs, emphasizing the detrimental effects tariffs have on American consumers by increasing prices. Additionally, the Canadian government recognizes the importance of collaboration with the U.S. to address shared concerns, notably the security of energy resources. Canada is committed to maintaining a strong trading relationship with the U.S., which is vital given that it constitutes the largest market for Canadian goods.
Diversifying Canadian Trade Opportunities
Despite Canada's trade agreements with regions like the EU and the CPTPP, diversification of its trade has proven challenging, with a majority of Canadian exports still directed to the U.S. The Canadian government is taking proactive steps to encourage businesses to explore other markets, as highlighted by recent trade missions to Australia and Singapore. Investments and strategic initiatives, such as the launch of a Canadian trade gateway for nuclear energy, aim to capitalize on the growing demand for energy security in the Indo-Pacific region. By fostering connections and encouraging engagement in global markets, Canada seeks to strengthen its economic position and reduce dependency on a single trading partner.
President Donald Trump’s tariffs only make goods more expensive for Americans, said Canada’s Trade Minister Mary Ng, reiterating a vow to retaliate if the country’s largest trading partner goes forward with import duties. “We’ve been very clear — tariffs are expensive for America. They make no sense,” Ng said in a Bloomberg TV interview in Singapore Thursday, adding that Canada continues to work with the US administration on the matter. “We don’t want to be here. We don’t want to initiate anything but should there be punishing tariffs on Canadians and Canada, we will respond accordingly.”