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Notwithstanding the erroneous news reports which circulated on both sides of the border earlier this week, Canada’s retaliatory tariffs against U.S. precious metals imports – including a 25% surcharge on gold, silver, platinum, and palladium products – have not been lifted or lowered, and remain in effect, according to Canadian government.
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“The scope of products covered by Canada’s counter-tariffs, including those on certain precious metals, remains unchanged.”
And based on the latest Canadian government data, the impact on trade in precious metals between Canada and the United States was swift and significant.
According to a May 6 report from Statistics Canada, “Canadian exports of metal and non-metallic mineral products decreased 3.2% in March, but that was mainly the result of lower exports of unwrought gold, silver and platinum metals (-8.9%),” the report noted. This means Canadian exports of precious metals declined as much as “[e]xports of basic and semi-finished iron and steel products (-9.0%), even though the precious metals products were “out of scope for the steel and aluminum tariffs.”
And while Canadian imports of U.S. “metal and non-metallic mineral products” fell 15.8% in March – a very significant decline in its own right – the impact on precious metals was far more dramatic.
“As was the case with exports, imports of unwrought gold, silver and platinum metals (-69.7%) were by far the largest contributor to the decline,” Statistics Canada noted.
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This is the USA, we mug robots...If this is true and it were to be deployed in certain neighborhoods I don't think it would last too long.
Trump said:The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable. Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States. Thank you for your attention to this matter!
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