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Canada says it will defend interests in US trade tariff fight

The new US tariffs are set to start August 19 unless the two countries reach a new trade agreement, while USDCAD trades around 1.4088.

Reported · Written up by our desk · Major Pairs

President Trump has escalated trade pressure on Canada with a new package of tariffs scheduled to take effect August 19 unless the countries reach a new trade agreement, Forexlive reports.

The administration announced 50% tariffs on a broad range of Canadian products, including automobiles, dairy products, alcoholic beverages, cement, hockey equipment, and other manufactured goods, while linking the tariff threat to trade imbalances and border security.

Canadian Prime Minister Mark Carney said Canada will not hesitate to defend its interests in a trade war with the US, adding that Canada is in a stronger position than it was when the dispute began and will do what is needed to protect itself.

Forexlive also notes that USDCAD has stayed relatively calm for now, but remains above its 100 and 200 hour moving averages near 1.4065, with the pair trading at about 1.4088.

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