"Goods that comply with the 2020 United States-Mexico-Canada Agreement trade pact that Trump negotiated during his first term are excluded from the tariffs."
"The Royal Bank estimated that almost 90% of Canadian exports appear to have accessed the U.S. market duty free in April."
"Manley said Canada is doing okay despite the economic uncertainty. There is a lot of resilience I'd say."
"Because of that we're in a relative better position. Canadian and Mexican companies can claim preferential treatment under the USMCA based on where the products are made."
U.S. President Donald Trump raised tariffs on Canadian goods to 35%, yet a significant exemption exists for products complying with the USMCA. Canada's central bank reports that 100% of energy and 95% of other exports are USMCA compliant. The Royal Bank indicated that nearly 90% of Canadian exports accessed the U.S. market duty free in April. Canadian Prime Minister Mark Carney reaffirmed the low average tariff rates and robust trade. Experts suggest Canada is in a favorable position due to reliance on USMCA, allowing continued access to essential goods without tariffs.
Read at www.twincities.com
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