Canada’s currency slid to a 14-month depression inwards Tuesday later U.S. Commerce Secretary Wilbur Ross announced a 20% tariff on Canadian softwood lumber imports, valued at $5.66 billion USD, or 1% of Canadian GDP.
Tensions were ratcheted upwards fifty-fifty farther on Tuesday when President Trump defendant Canada of crippling the dairy manufacture inwards Wisconsin,
“Canada has made delineate of piece of employment concern for our dairy farmers inwards Wisconsin too other edge states real difficult. We volition non correspond this. Watch!,” said Trump on
Twitter.
Trump’s sudden comments too prompted a stern reply from Canadian Prime Minister, Justin Trudeau, who spoke on Tuesday at Ontario-based software company, Vidyard.
As the Canadian Broadcasting Company (CBC)
reports, when asked well-nigh America’s protectionist merchandise policies nether the Trump administration, Trudeau said:
"Standing upwards for Canada's interests is what my labor is, whether it's softwood or software."
But Trump's increasingly aggressive rhetoric on Canadian merchandise too NAFTA renegotiation, inwards add-on to slumping unsmooth crude prices, which slipped nether the $50 grade for a minute fourth dimension this twelvemonth on Tuesday, conduct keep taken a heavy toll on the Canadian dollar.
The
USD/CAD telephone substitution rate hoovered but nether 1.35 on Monday, but yesteryear 11:30 a.m. EST on Tuesday morning, the telephone substitution charge per unit of measurement had drifted all the means to 1.36265 - the lowest degree for the CAD since Feb 26, 2016!
And since Apr 13th, when the Canadian dollar was trading at a
2-month high of 1.32239 vs. the USD, the CAD has depreciated yesteryear 3%:
CAD notes photograph yesteryear Sara Long
