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After weeks of escalating rhetoric between the U.S. and China, the opening shots in what analysts fear will devolve into a full-fledged trade war are set to go off at midnight.
Canada now levies similar taxes on popular American products such as chocolate bars, mayonnaise, whiskey, sailboats, washing machines, maple sugar and strawberries.
Détente appears to be over, as President Donald Trump announced today that the U.S. will soon slap a 25 percent import tax on $50 billion in Chinese goods, especially technology products. Another $100 billion in tariffs is possible if China follows through on threats to retaliate.
At a press conference Saturday after the end of the G-7 summit in Quebec, Trudeau said Canada, a longtime U.S., ally and trading partner, would not be “pushed around” by America.
Besides matching America’s 25 percent tax on imported steel and 10 percent tax on aluminum, Canada will soon levy similar taxes on popular products such as chocolate bars, mayonnaise, whiskey, sailboats, washing machines, maple sugar and strawberries.
Allies have been pressing U.S. officials to make the tariff exemptions permanent — a move the White House has resisted as it continues to seek an updated North American Free Trade Agreement.
The complaint, filed this week with the World Trade Organization in Geneva, says that the 25 percent tariff on imported steel and 10 percent levy on imports of aluminum were improper.
Chinese-made parts for air conditioners, compressors, furnaces and ventilation equipment are among those on a list of 1,300 products that the White House is proposing to slap with a 25 percent tariff.