U.S. relies on key Canadian commodities
The trade relations between the United States and Canada have deteriorated due to the United States imposing a 50% customs duty on Canadian goods worth approximately $20 billion. The affected products include key items such as oil, gas, raw materials, and heavy machinery and industries, marking an escalation despite the exclusion of strong strategic resources like oil. The U.S. imports about 70% of Canadian exports, and this tension poses a threat to the stability of their trade relationship, which is valued at around $900 billion annually. There is a possibility of Canada retaliating and impacting vital sectors such as energy and heavy industries. These measures follow a new trade agreement between the two countries, but the escalation reveals differences in trade policies and threatens the crucial supply chains between the world's two largest trading partners.
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