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Bessent on Trump's increased tariffs on Canadian autos and steel: Trump hopes to sit down and negotiate in good faith.

1 hours ago

US Treasury Secretary Scott Bessent commented on former President Donald Trump’s announcement to raise tariffs on Canadian autos and steel to 50%. Bessent said Trump wants Canada to engage in sincere negotiations. Trump posted earlier that Canada has long taken advantage of the U.S., imposing ridiculously high tariffs on American farmers and agricultural products, leaving these producers struggling to make ends meet, and creating a $60 billion trade deficit between the two nations over time. “This situation is unsustainable and will not continue!” Trump wrote. Starting January 1, 2027, tariffs will be hiked to 50% on all cars, trucks (large and small), auto parts, and steel. Goods manufactured in the U.S. will be fully exempt from tariffs. “Canada will no longer be treated as a state,” Trump added. “Whether in trade or other areas, Canada is among the world’s most difficult countries to deal with. They believe they deserve special treatment, but the truth is: we don’t need Canada—they need us! 95% of Canada’s business is conducted with the U.S., while our relationship with Canada is the exact opposite!”

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