US Equities insigtX

US Trade Representative Says Canada Got Best Deal, Truck Tariff Talks Stalled: No Open Communication Channels

US Trade Representative Jamieson Greer said he has clarified the exclusion of medium- and heavy-duty trucks from tariff negotiations with Canada. Jamieson Greer Says US Offered Canada Best…

Published
Market
US Equities
Source
insigtX

US Trade Representative Jamieson Greer said he has clarified the exclusion of medium- and heavy-duty trucks from tariff negotiations with Canada.

Jamieson Greer Says US Offered Canada Best Deal

In an interview with CBC on Wednesday, Greer said the US offered Canada "the best deal any country could get." Regarding tariffs on medium- and heavy-duty trucks, Greer said he has been in communication with Canadian officials.

"I've made clear what we believe we can offer, including on autos," Greer said. "We have Section 232 measures on autos and pickup trucks," he added, also mentioning "separate actions on medium- and heavy-duty trucks."

He also noted there are "effective tariff rate" differences. "I understand why Canadians want to get as many concessions as possible and are trying to expand them from the US," Greer acknowledged. "But we're focused on what's good for the US, and we'll take care of Canada to the extent we can," he said.

Canada's Autos, Steel, and Aluminum Tariffs

Greer also elaborated on the importance of protecting the North American market through the USMCA, as well as steel and aluminum. He said the deal would lower tariffs on steel and aluminum from 50% to 25%.

"If we're going to lower tariffs and give you the best deal in the world on steel and aluminum, we can't let Canada become a backdoor for steel and aluminum from other countries," Greer said.

He also stated that "steel, aluminum, and autos" are US "national security measures" and fall under "exclusions within the USMCA." He added that the USMCA originally included a provision stating that if any member country signs a "free trade agreement" with a non-market economy like China, that country could be removed from the agreement.

Greer also said there have been no negotiations between the two countries. He stated that officials "currently have no open communication channels."

Criticism of Trump

The Trump administration has faced widespread criticism over its failed negotiations with Canada. Michigan Governor Gretchen Whitmer said the 50% tariff would raise taxes on Michigan residents and could lead to job losses in the state's auto industry.

Meanwhile, Abdul El-Sayed, the Democratic nominee for the US Senate in Michigan, said Trump's 50% tariff on Canada was driven by "vanity."

Economist Peter Schiff also criticized the decision to impose a 50% tariff on Canadian goods, saying it would worsen the cost-of-living crisis facing Americans. Schiff also criticized Canadian Prime Minister Mark Carney's decision to impose retaliatory tariffs on US goods.

Original: https://www.benzinga.com/news/politics/26/08/61453595/trump-trade-chief-greer-says-canada-was-offered-best-deal-in-the-world-but-talks-hit-a-wall-over-truck-tariffs-we-dont-have-open-channels

insigtX content is informational and educational, not investment advice.