00:00It's Benzinga, bringing Wall Street to Main Street.
00:02President Trump announced 50% tariffs on a broad range of Canadian imports,
00:07citing what the administration called discriminatory treatment of U.S.-made cars,
00:12alcohol, and dairy products, according to Reuters.
00:15The tariffs will take effect on August 19th and cover goods including wine, cement, hockey gear,
00:21furniture, clothing, and dairy products. Trump invoked Section 338 of the Tariff Act of 1930,
00:27marking its first known use by a president.
00:30The levies will apply even to goods that qualify for exemptions under the U.S.-Mexico-Canada agreement.
00:36Energy, potash, fish, critical minerals and products already subject to Section 232 tariffs are exempt.
00:44Canadian Prime Minister Mark Carney said Canada remains prepared to negotiate
00:48and argued that previous U.S. tariffs violated the trade agreement.
00:52For all things money, visit Benzinga.com.
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