Huo Xing Finance reports that on July 20 local time, the White House issued a statement announcing that the United States will impose an additional 50% ad valorem tariff on certain Canadian products in response to "discriminatory measures taken by Canada in automotive and automotive parts trade." The new tariffs are set to take effect at 00:01 Eastern Daylight Time on August 19 and will be levied on top of existing applicable tariffs, taxes, and other charges. (CCTV)
U.S. Announces 50% Additional Tariffs on Canadian Products
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Summary
On July 20, the White House announced that the U.S. will impose an additional 50% ad valorem tariff on certain Canadian products as part of countervailing trade measures targeting discriminatory trade practices. The new tariffs take effect at 00:01 AM EDT on August 19 and will be applied in addition to existing duties. This move could pressure risk-on assets amid escalating trade tensions.
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