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Canada to remove retaliatory tariffs on many U.S. goods

By
Megan Cerullo
Reporter, MoneyWatch
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
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Megan Cerullo

/ CBS News

Canada will remove retaliatory tariffs on many U.S. products that are covered under the U.S.-Mexico-Canada Agreement, or USMCA, Prime Minister Mark Carney said at a press conference on Friday.

The move by Canada is expected to reduce tensions with the U.S., as the two nations work to hash out a trade agreement. 

Speaking to reporters on Friday after a call with Carney the previous day, President Trump said it was "nice" of the prime minister to withdraw the Canadian tariffs.

"I like Carney a lot," Mr. Trump said. "I think he's a good, good person, and we had a very good talk yesterday, so I think it'll be good."

Carney said in a press conference that the U.S. tariff rate on Canadian goods was 5.6%, noting that "85% of our trade is tariff-free."

Reached for comment before the press conference, the White House said, "We welcome this move by Canada, which is long overdue," in a statement to CBS News.

"We look forward to continuing our discussions with Canada on the Administration's trade and national security concerns," the White House said. 

Canada imposed 25% tariffs on an extensive list of American-made goods in March. Without the duties in place, American products including alcohol, clothing, and shoes will not face levies when imported into Canada.

In other trade developments this week, the Trump administration and European Union on Thursday released details of a framework agreement struck earlier this summer. The pact calls for the U.S. to impose a 15% tariff on imports of European cars, pharmaceuticals and other products.

Under the arrangement, which is an agreement to facilitate trade negotiations between countries rather than a formal deal, the 27-member EU will eliminate tariffs on all American industrial exports and offer preferred terms for some seafood and farm products, while the U.S. will reduce tariffs accordingly.

Edited by Anne Marie D. Lee

AFP contributed to this report.

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