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Risks of tighter US tariff policies toward Canada weigh on local currency growth
Despite a slight rise in the Canadian dollar against the American one on Tuesday, it continues to trade near an eight-day low. Risks of new tariff restrictions from the United States are forcing traders to act with caution, Reuters reports.
The day before, Donald Trump signaled his readiness to impose 50% tariffs on copper imports to stimulate domestic production of the metal, which plays a key role in the automotive industry and energy transition. However, the timing of the announced restrictions remains unclear, the news agency notes.
The tightening of the US President’s trade policies may worsen Canada’s economic situation, which has already suffered losses due to previously imposed duties on Canadian cars, steel, and aluminum. The two countries continue negotiations. The next meeting between Donald Trump and Canadian Prime Minister Mark Carney is scheduled for July 21, according to Reuters.
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