Canada announces counter tariffs convering roughly $20 billion of products
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Effective Sept 7, counter-tariffs will be on around 700 products with 15%, 25% or 50% tariffs Will introduce a C$7.5 billion package to support businesses and workers The number is $19.94 billion so it essentially meets the dollar-for-dollar number that Carney promised. The C$7.5
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UBS On-Air: Paul Donovan Daily Audio 'The retreat paradox'
Recent developments in U.S.-Canada trade relations suggest a significant potential impact on the U.S. consumer market, particularly with potential tax increases on imported Canadian goods. Per the full note from UBS, a new proposed tax of 35% could apply to a broad array of Canadian products, despite previous concessions made by Canada on digital taxes. This situation underscores the unpredictability of U.S. trade policies under the current administration, which often creates uncertainty for market participants and raises questions about the effectiveness of trade negotiations. The current state of equity markets suggests a belief that any such tariffs would be rolled back, but conflicting signals exist as commodities like oil— crucial for the U.S.— face ongoing tariff ambiguity. Overall, the likelihood of retreat from these proposed tariffs is high, given the historical context and market reactions.