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The Canadian Trade Minister has said that Canada will not impose retaliatory tariffs against US aluminium products 

Key quotes

  • Ready at any time’ to impose retaliatory tariffs should us impose new punitive measures.
  • Canada has not conceded anything over aluminium tariffs.

Market implications

The CAD is relieved of such pressures as USD/CAD stalls in its upside correction following the second test of trendline support:

Earlier today, the American government reversed the highly contentious tariffs just hours before the Canadian government was set to impose its own retaliatory actions.

The American government had imposed the 10% tariff on aluminium in August which fell just months after it had lifted previously imposed tariffs following the ratification of the Canada-U.S.-Mexico Agreement.

The American government had no business imposing these tariffs to begin with. Canadian workers cannot be used as pawns in a political fight that has nothing to do with them,”

said Hassan Yussuff, president of the Canadian Labour Congress.