By Jamie Martin
The U.S. government is set to implement new tariffs on Canadian and Mexican goods next week, prompting Canada to announce plans for retaliation. These tariffs, introduced through a recent executive order, will impose a 25% duty on most Canadian and Mexican imports and a 10% tariff on Chinese products.
While tariffs on China have already taken effect, those on Canada and Mexico were delayed but are now scheduled to begin next Tuesday, March 4.
Canada has outlined a comprehensive list of American goods that will face retaliatory tariffs if the U.S. moves forward. Nearly 400 agricultural products are included, affecting a wide range of food items.
Key products on the list include poultry, pork, dairy, wheat, barley, rice, fresh fruits, vegetables, and processed foods such as chocolates, pasta, and soups.
The impact on American agriculture could be significant. Farmers who rely on Canada as a major export market may face declining sales and higher costs due to market restrictions.
Additionally, Canada has indicated that if the tariffs remain in place, it may impose further duties on an additional $125 billion worth of U.S. products, potentially affecting all agricultural exports to Canada.
With the implementation deadline approaching, agricultural stakeholders are closely watching trade developments. The new tariffs could lead to increased market volatility, higher food prices, and uncertainty for farmers. Industry experts advise monitoring trade reports and updates for further information on the economic impact of these changes.
Photo Credit: usda
Categories: National