Canada collects $839M in steel and aluminum tariffs
Reading farther into the article reveals that at least some of that tariff money is going to support Canadian steel and aluminum companies that have been hit with tariffs by the USA - which means that the matching companies in the USA - you know, the ones that this whole spat was supposed to benefit - are funding the payment of the USA tariffs. I hope they realize they're paying a tax that they weren't before Trump decided to start this trade war.
Quote:Foreign Affairs Minister Chrystia Freeland told an interviewer in Davos this week that once the U.S. drops its steel and aluminum tariffs, Canada will too, "30 seconds later."
Until that day comes, the extra taxation is pretty lucrative for the federal government. Finance Canada says $839 million was collected in the six months leading up to Dec. 31 from retaliatory tariffs on imported American steel, aluminum and other products.
Canada didn't start this tariff spat, and from the prime minister on down every Canadian official says he or she wishes it would end. The tariffs on both sides of the border have disrupted supply chains and added extra costs for consumers and businesses across a wide range of industries.
All the same, the new revenue is on track to hit the $1-billion mark by the time Finance Minister Bill Morneau tables his final pre-election budget this spring.
Reading farther into the article reveals that at least some of that tariff money is going to support Canadian steel and aluminum companies that have been hit with tariffs by the USA - which means that the matching companies in the USA - you know, the ones that this whole spat was supposed to benefit - are funding the payment of the USA tariffs. I hope they realize they're paying a tax that they weren't before Trump decided to start this trade war.
--
Rob Kelk
Sticks and stones can break your bones,
But words can break your heart.
- unknown
Rob Kelk
Sticks and stones can break your bones,
But words can break your heart.
- unknown