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US: CANADA: Trudeau Will Reject Unfavourable Compromise On Tariffs - Bloomberg

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Bloomberg reporting that Prime Minister Justin Trudeau will not lift retaliatory tariffs on the US unless President Donald Trump removes a 25% tariff imposed on Canadian imports on Tuesday morning. The report comes after comments from Commerce Secretary Howard Lutnick raised optimism that a deal could be struck on partial tariff relief during a call between Trump and Trudeau today. 

  • Lutnick told Bloomberg Television Trump is mulling temporary relief: "...our expectation is that it'll be categories... It will be 25 percent but it'll be, there will be some categories left out. It could well be autos, could be others as well,"
  • A Canadian government official said Trudeau would oppose a 'middle ground' floated by Lutnick that would only offer a partial rollback of American tariffs, continuing a hawkish posture from Ottawa since the tariff announcement.
  • Lutnick, and Trump's key trade advisor Peter Navarro, have both stressed that the measures against Canada and Mexico are fentanyl measures rather than trade measures, leading to optimism that action on the border will lead to another reprieve from tariffs. However, the bar set by Lutnick appears difficult to achieve in the short-term: “We need to see material reduction in autopsy deaths from opioids…"
  • WSJ notes: "Trump hasn't, so far, indicated he plans to roll back either the taxes on Canadian and Mexican imports, or the extra 10% tax on Chinese goods," adding he, "would move forward with his plan on reciprocal tariffs, adjusting U.S. levies to match those of other countries."
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Bloomberg reporting that Prime Minister Justin Trudeau will not lift retaliatory tariffs on the US unless President Donald Trump removes a 25% tariff imposed on Canadian imports on Tuesday morning. The report comes after comments from Commerce Secretary Howard Lutnick raised optimism that a deal could be struck on partial tariff relief during a call between Trump and Trudeau today. 

  • Lutnick told Bloomberg Television Trump is mulling temporary relief: "...our expectation is that it'll be categories... It will be 25 percent but it'll be, there will be some categories left out. It could well be autos, could be others as well,"
  • A Canadian government official said Trudeau would oppose a 'middle ground' floated by Lutnick that would only offer a partial rollback of American tariffs, continuing a hawkish posture from Ottawa since the tariff announcement.
  • Lutnick, and Trump's key trade advisor Peter Navarro, have both stressed that the measures against Canada and Mexico are fentanyl measures rather than trade measures, leading to optimism that action on the border will lead to another reprieve from tariffs. However, the bar set by Lutnick appears difficult to achieve in the short-term: “We need to see material reduction in autopsy deaths from opioids…"
  • WSJ notes: "Trump hasn't, so far, indicated he plans to roll back either the taxes on Canadian and Mexican imports, or the extra 10% tax on Chinese goods," adding he, "would move forward with his plan on reciprocal tariffs, adjusting U.S. levies to match those of other countries."