The Prime Minister admits that meeting American tariffs dollar-for-dollar will raise costs for consumers, but action had to be taken.
The U.S. imposed 50 per cent tariffs on a wide range of Canadian products after Canada suspended trade talks last week.
Mark Carney says the U.S. had introduced last-minute concessions into the agreement that threatened Canada’s sovereignty, including provisions that limited Canada’s ability to trade with other nations and threatened the preservation of French language and culture.
That, says Carney, forced Canada to “walk away from a bad deal” and Canada will match U.S. tariffs starting September 8.
“We take this step reluctantly. Reluctantly because we recognize that some of these measures will raise costs, and reduce choice for Canadians. Reluctantly because we recognize that some U.S. companies and some U.S. states are innocent bystanders in a dispute that they did not want. Reluctantly because this trade dispute is preventing Canada and America from doing so much good that we could do together.”
“But at the same time, we take this step confident that it is in the best interest of Canada.”
NL Premier Tony Wakeham, Prime Minister Mark Carney and Quebec Premier Christine Frechette sit down to sign new agreement on Churchill Falls (VOCM News)
Carney also referred to the electricity grid and the agreement on Labrador hydro development announced in St. John’s a week ago. He says Canada plans to double capacity by 2050.
He noted that the hydro projects in Labrador will supply enough electricity to power every single vehicle in Canada.
“We’re building our economy while taking charge of our security by spending half-a-trillion dollars in defence, expanding our shipyards, growing our aerospace industry and increasing our cyber capability,” said Carney.
