On February 10, U.S. President Donald Trump said he would impose a new 25% tariff on all steel and aluminum imports into the U.S.
 

The exchange rate of the Canadian dollar against the yuan suddenly fell sharply after the news of the tariffs came out.
 

As of Feb. 14, the Canadian dollar was trading at just 5.13 against the Chinese yuan.

 

 

 

Source: Sina Finance

 

 

 

New tariff policy

 

 

U.S. President Donald Trump has said the new tariffs are an addition to the original.
 

It is seen as another major upgrade in Trump's trade policy.

 

 

 

 

During his first term, Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum, but later granted duty-free quotas to several trading partners, including Canada, Mexico, the European Union and the United Kingdom.
 

According to CBC and the Associated Press, among others, Trump revealed the news in an interview, where he said that the tariffs could be officially implemented on the 11th or 12th.
 

Canadian Prime Minister Edmund Trum once mentioned in a closed-door meeting that Trump's remarks about "annexing Canada" were not a joke, but to obtain Canada's important mineral resources.
 

According to the U.S. government and the American Iron and Steel Institute, the largest source of U.S. steel imports is Canada, Brazil and Mexico.
 

Canada now accounts for nearly a quarter of all steel imports by U.S. companies. In addition, Canada is the largest supplier of primary aluminum metal to the United States, accounting for 79% of total imports in the first 11 months of 2024!

 

 

 

The government's attitude and countermeasures

 

 

Catherine Cobden, head of the Canadian Steel Producers Association, warned that the new tariffs would hit a number of industries, including energy and construction.
 

"Canada accounts for 20 percent of U.S. steel imports, while the U.S. accounts for 40 percent of Canadian steel exports," she told CBC. ”
 

Canada's Minister of Industry, Shang Pengfei, said that the Canadian government will firmly support its own workers and industries, saying that Canada's steel and aluminum are vital to the defense, shipbuilding and automotive industries in the United States.

 

 

 

 

Treasury Secretary Dominique LeBlanc revealed that he has communicated with U.S. Treasury Secretary Scott Bessant and said that both sides want to build a strong North American economy for the benefit of people and businesses in both countries.

 

 

 

 

In response to the new tariffs, the Canadian government plans to adopt retaliatory tariffs and provide financial support to the country's steel and aluminum industries.

 

 

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