United States and Canada near deal to avoid 50% tariffs on imports

The United States and Canada are closing in on a deal that would head off 50% tariffs on Canadian products. The tariffs are set to kick in on August 19, giving negotiators in Washington roughly the same amount of time to solve a multi-billion-dollar trade dispute as most people get to return an online purchase. The stakes are substantial. Roughly $20 billion in annual Canadian exports would be affected, spanning sectors from dairy and motor vehicles to alcoholic beverages. What’s actually on the table The tariffs were announced by President Donald Trump, who accused Canada of systematically discriminating against American exports. The legal mechanism is notable in its own right: the administration is invoking Section 338 of the Tariff Act of 1930, a provision so rarely used it might as well have been collecting dust in a legislative attic for the better part of a century. Not everything Canadian faces the 50% levy. Energy products, potash, fish, and critical minerals are exempt. The targeted sectors, though, read like a list of Canada’s most iconic exports: dairy, cars, and alcohol. Canadian officials have not been passive in the standoff. Prime Minister Mark Carney has signaled wi...