Home›Forex›Major Pairs›U.S. imposes 50% tariff on Canadian imports, lifting U…

U.S. imposes 50% tariff on Canadian imports, lifting USDCAD

The tariffs are set to begin August 19, as the U.S.-Canada dispute escalated under Section 338 of the Tariff Act of 1930.

Reported · Written up by our desk · Major Pairs

The Trump administration escalated the U.S.-Canada trade dispute by imposing a 50% tariff on a broad range of Canadian imports under Section 338 of the Tariff Act of 1930, the first time the law has been used, according to Forexlive.

The tariffs are scheduled to take effect in 30 days, August 19, creating a window for negotiations, while Canadian Prime Minister Mark Carney criticized the move as harmful to workers and consumers and said Canada is prepared to negotiate but could consider further retaliation if talks fail.

In FX trading, USDCAD ticked higher after moving back above its 100 hour moving average, with the exchange rate cited around 1.4041 as it looked toward the falling 200 hour moving average near 1.40858, a break above which could give buyers more confidence for upside momentum, Forexlive reported.

More like this

Sources