U.S. House backs resolution to end Trump’s tariffs on Canada
BNN Bloomberg
The U.S. House voted Wednesday to slap back Donald Trump’s tariffs on Canada, a rare, if largely symbolic, rebuke of the White House agenda.
“Canada has taken advantage of the United States on Trade for many years. They are among the worst in the World to deal with, especially as it relates to our Northern Border,” Trump posted on social media Wednesday night as results of the vote became clear. “TARIFFS make a WIN for us, EASY. Republicans must keep it that way!”
Six Republicans joined Democrats in a bipartisan push against Trump’s so-called fentanyl emergency at the U.S.-Canada border, which the president used as justification for economywide tariffs against America’s northern neighbour last year.
While Wednesday’s motion passed, it did not get the two-thirds majority it would need to become veto-proof. The resolution next goes to the Senate and both chambers need to approve the tariff rollbacks before it’s sent to Trump for the president’s signature — or more likely veto.
Canada is also being hammered by separate tariffs on industries like steel, aluminum, automobiles and lumber that Trump enacted through a different presidential power.
The bipartisan support does demonstrate Republican uncertainty around Trump’s erratic trade policies directed towards Canada. Democrat Rep. Gregory Meeks, who introduced the bill, said Canada isn’t a threat.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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