The new US tariff on steel imports by 25% is reported to be bad news for Canada. Although China is the largest steel producer in the world, it is only a small part of US imports, while Canada is the largest foreign supplier of steel to the United States.
This decision may complicate trade relations between the two countries, considering the difficult talks in renegotiating terms of the NAFTA so far. This decision will serve only to put more pressure on the Canadian dollar, as Canadian companies will suffer and will therefore have an impact on the economy.
