Trump Slaps Tariffs Up to 24% on Canadian Lumber

The video discusses the complexities of global trade, focusing on the strained relations between the US and Canada. It highlights the US's imposition of a 24% tariff on Canadian softwood lumber, a long-standing issue since the 1980s. The video explains the role of subsidies and NAFTA panel rejections in this context. It also covers the concepts of countervailing and anti-dumping duties, and the broader implications of protectionism. Additionally, it touches on a separate trade dispute involving dairy products, suggesting a tit-for-tat dynamic between the two countries.

What recent action did President Trump take regarding Canadian softwood lumber?

• He removed all tariffs.

• He increased subsidies for US lumber.

• He signed a free trade agreement.

• He announced a 24% tariff.

What is the main accusation against the Canadian government in the lumber dispute?

• They are subsidizing lumber by charging too little.

• They are refusing to export lumber.

• They are importing lumber illegally.

• They are overcharging for lumber.

What is a countervailing duty?

• A tax on domestic goods to protect local industries.

• A tax on luxury goods to reduce consumption.

• A tax on exported goods to increase revenue.

• A tax on imported goods to counter subsidies.

What unexpected trade action did the US take against Canada?

• Imposing tariffs on automobiles.

• Imposing tariffs on steel.

• Imposing tariffs on softwood lumber.

• Imposing tariffs on dairy products.

What other trade dispute is mentioned between the US and Canada?

• Dispute over automobile imports.

• Dispute over technology services.

• Dispute over dairy products.

• Dispute over steel exports.