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Key Currency Exchange Rates for Friday, 12/8/23
American Dollar to Canadian Dollar = 0.736390; American Dollar to Chinese Yuan = 0.140082; American Dollar to Euro = 1.077834; American Dollar to Japanese Yen = 0.006924; American Dollar to Mexican Peso = 0.057349.
Canada to tighten steel import rules, boost lumber aid
Canadian Prime Minister Mark Carney announced last week $1.3B in new supports for the steel and lumber industries hit hard by U.S. tariffs.
U.S. President Donald Trump has imposed 50% tariffs on steel, and softwood lumber, long subject to U.S. tariffs, is currently taxed at 45% after the Trump administration's hike last month.
Carney said the decades-long process of an ever-closer economic relationship between Canada and the United States is now over.
"As a consequence, many of our strengths have become vulnerabilities. Last year, more than 75% of our exports went to the United States. Ninety percent of our lumber exports, 90% of our aluminum exports, and 90% of our steel exports, all bound for a single market," Carney said.
