The Ontario Premier, Doug Ford, said late on Thursday that tariffs have not been eliminated, but hopes to continue communicating. Ford also declared that he agreed another meeting next week.
Key quotes
We agreed another meeting next week.
It was an extremely productive meeting.
We feel that temperatures are lowering.
I feel very positive.
He said it was the best meeting he has had in the US
He said no tariffs have been eliminated, but he hopes to continue communicating.
He said it was a long meeting.
Market reaction
At the time of writing, the USD/CAD torque prices 0.08% down on the day, quoting in 1,4428.
FAQS tariffs
Although tariffs and taxes generate government income to finance public goods and services, they have several distinctions. Tariffs are paid in advance in the entrance port, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and companies, while tariffs are paid by importers.
There are two schools of thought among economists regarding the use of tariffs. While some argue that tariffs are necessary to protect national industries and address commercial imbalances, others see them as a harmful tool that could potentially increase long -term prices and bring to a harmful commercial war by promoting reciprocal tariffs.
During the election campaign for the presidential elections of November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy. In 2024, Mexico, China and Canada represented 42% of the total US imports in this period, Mexico stood out as the main exporter with 466.6 billion dollars, according to the US Census Office, therefore, Trump wants to focus on these three nations by imposing tariffs. It also plans to use the income generated through tariffs to reduce personal income taxes.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
