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>> Trade tensions rationing up yet again Friday, as Canada unveils which US imports will face retaliatory tariffs. America's Northern neighbors said it will impose its own dollar for dollar tariffs on U.S. goods, including steel, aluminum, and ketchup, starting July 1st.>> We are acting in very close collaboration with our like minded partners in the European Union and in Mexico.
Canada's approach is and will be this, we will not escalate, and we will not back down.>> The 16.6 billion Canadian dollars worth of retaliatory tariffs follow President Trump's decision to slap tariffs on Canadian steel and aluminum. To soften the blow from US penalties, Canada also announced Friday that it will provide a $2 billion compensation package, to help the country's steel and aluminum industries
>> The challenge before us now as we face these unjustified and counterproductive tariffs, is to make sure our steel and aluminum industries can continue to remain competitive.>> Canada's unwillingness to back down coming on the same day that the White House tried to play down speculation it wants to back out of a global trade group.
US Treasury Secretary Steve Mnuchin on Friday, slamming a report that President Trump wants out of World Trade Organization. The Axios' report cited people involved in the talks, who say the President has repeatedly told top White House officials he wants the US to withdraw from the organization, which effectively serves as the Supreme Court for global trade.
President Trump has rattled the world trade order this year, and escalated conflict with America's closest allies. As he seeks to renegotiate the terms of the country's trading relationships, in particular with China. Tariffs on products from the country will go into effect on July 6th. China is expected to retaliate with its own set of tariffs on the same day.