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Washington's trade conflict with Canada
Trade disputes between the United States and Canada are escalating, as Washington imposed a 50% tariff on Canadian products worth $20 billion. Ottawa responded with countermeasures, particularly targeting the dairy sector, which is heavily protected by Canada. This deterioration in relations follows the collapse of trade negotiations in August, with the U.S. accusing Canada of favoring its exports in the automotive, dairy, and alcoholic beverage industries. Canada heavily relies on foreign trade, exporting over $85 billion worth of oil to America, and the Midwestern refineries depend on Canadian heavy crude. The U.S. trade deficit with Canada stands at $27.3 billion, mainly due to oil imports. Meanwhile, negotiations between the two countries continue in an effort to reach an agreement before certain American measures are implemented in September.
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