In a written statement, Prime Minister Carney expressed the Canadian government's disappointment with this move, but also stated they would remain committed to CUSMA. CUSMA is known as the second largest free trade agreement in terms of world trade volume.
Under the CUSMA, average tariffs on Canadian products remain at their lowest levels, but attention was drawn to the fact that certain sectors, such as lumber, steel, aluminum, and automobiles, have been negatively affected by the US's additional tariffs. Carney emphasized that they will take steps to protect Canadian workers and companies in these sectors, open up new markets, and increase domestic investment.
The statement, which cited the Trump administration's decision as being based on the need to combat fentanyl trafficking from Canada to the US, pointed out that Canada is responsible for only 1% of global fentanyl imports. It noted that Canada has made historic investments in border security and combating illegal immigration, deploying thousands of new law enforcement officers and enacting strong laws. Carney stated that Canada would continue to work with the US in this fight.
The statement also emphasized that trade negotiations with the US were ongoing, but that Canada's main priority was to build a strong economy within its own borders. It was noted that the federal government, provincial, local, and indigenous governments were developing major infrastructure projects that had the potential to attract more than 500 billion dollars in new investment.
Prime Minister Carney concluded by stating, “Canadians will be our best customers. We will create new and well-paying jobs and diversify our trade partnerships. No foreign government can take away the strength we have built with our own resources and workers.”
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