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Benzinga
@Benzinga
Financial News, Data & Education 💸
가입 June 2009
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President Donald Trump eased 50% tariffs on a group of Canadian imports just days before the Nov. 3 midterm elections, providing potential relief to businesses in states heavily dependent on cross-border trade. The White House exempted certain plywood, paper products, machinery, refrigeration equipment, packaging materials and fresh and dried seaweed from the tariffs beginning Oct. 30. At the same time, the administration added other Canadian products to the 50% tariff list, including carpets, paints, shampoos, cocoa powder, air conditioners, chest freezers, canoes and other goods. Sen. Susan Collins (R-Maine), who is facing a competitive reelection race, welcomed the exemptions. She said Maine farmers and producers rely on Canadian equipment and packaging that can be difficult or significantly more expensive to replace. Democratic challenger Troy Jackson criticized the broader trade policy, arguing that the tariffs have increased costs for Maine residents and businesses. Sen. Ron Wyden (D-Ore.) characterized the timing as an attempt to help Collins politically ahead of the election. The administration has not said the changes were made for electoral reasons. Trump originally imposed 50% tariffs on about $20 billion of Canadian imports in August after trade negotiations broke down. Canada responded with tariffs ranging from 15% to 50% on roughly $20 billion of U.S. goods. The trade dispute is also creating political pressure in other states with strong economic ties to Canada, including Michigan and Kansas, where lawmakers have pushed the administration for exemptions affecting local industries.
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