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Trudeau Vows to Defend Canada Interests as U.S. Targets Lumber
USAgNet - 04/26/2017

Prime Minister Justin Trudeau vowed to stand up for Canadian interests on Tuesday after the United States imposed new tariffs on softwood lumber and trade tensions between the two countries escalated, sending the Canadian dollar to a 14-month low. While the currency fell, shares in Canadian lumber companies rose as the level of the new tariffs came in at the low end of what investors were expecting, reports Reuters.

The United States said on Monday it will impose preliminary anti-subsidy duties averaging 20 percent on imports of Canadian softwood lumber, escalating a long-running trade dispute between the two neighbors.

The move, which affects some $5.66 billion worth of imports of the construction material, sets a tense tone as the two countries and Mexico prepare to renegotiate the 23-year-old North American Free Trade Agreement.

Speaking to a technology company in Ontario, Trudeau said he would defend the national interest, and cabinet colleagues were poised to speak to the media to outline Canada's possible responses to the tariffs later in the day.

"Standing up for Canada's interests is what my job is, whether it's softwood or software," Trudeau said, prompting applause and cheers. "Any two countries are going to have issues that will be irritants to the relationship and, quite frankly, having a good constructive working relationship allows us to work through those irritants."

The dispute sideswiped the Canadian currency, reflecting the importance of lumber to the nation's economy. The Canadian dollar weakened to C$1.3613 to the greenback, or 73.46 U.S. cents, nearly a full Canadian cent weaker than Monday's close.

Canadian officials shrugged off the U.S. aggression on softwood lumber and recent attacks by U.S. President Donald Trump on Canadian dairy exports as typical negotiation tactics. But others urged Canada to get tougher.


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