U.S. President Donald Trump raised tariffs on Canadian goods to 35%, yet a significant exemption exists for products complying with the USMCA. Canada's central bank reports that 100% of energy and 95% of other exports are USMCA compliant. The Royal Bank indicated that nearly 90% of Canadian exports accessed the U.S. market duty free in April. Canadian Prime Minister Mark Carney reaffirmed the low average tariff rates and robust trade. Experts suggest Canada is in a favorable position due to reliance on USMCA, allowing continued access to essential goods without tariffs.
Goods that comply with the 2020 United States-Mexico-Canada Agreement trade pact that Trump negotiated during his first term are excluded from the tariffs.
The Royal Bank estimated that almost 90% of Canadian exports appear to have accessed the U.S. market duty free in April.
Manley said Canada is doing okay despite the economic uncertainty. There is a lot of resilience I'd say.
Because of that we're in a relative better position. Canadian and Mexican companies can claim preferential treatment under the USMCA based on where the products are made.
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