Prime Minister Mark Carney says he is “disappointed” by the U.S. decision to raise tariffs on Canada, but that Canada retains one of the lowest average tariff rates globally due to its products being exempt under the United States-Mexico-Canada Trade Agreement (USMCA).
“While the Canadian government is disappointed by this action, we remain committed to CUSMA, which is the world’s second-largest free trade agreement by trading volume,” Carney said in a July 31 press release.
The United States raised tariffs on Canada from 25 percent to 35 percent beginning on Aug. 1, citing the issue of illicit drugs like fentanyl flowing over the border, and Ottawa having “failed to cooperate” to curb it. Washington also cited Canada’s retaliatory measures as justification for the increase….