Sunday, November 28, 2021
Home Business Canada 'extremely disappointed' with U.S. decision to raise softwood lumber duty rate...

Canada ‘extremely disappointed’ with U.S. decision to raise softwood lumber duty rate By Reuters

© Reuters. FILE PHOTO: A employee inspects lumber on a conveyor belt at West Fraser Pacific Inland Resources sawmill in Smithers, British Columbia, Canada February 4, 2020. REUTERS/Jesse Winter

By Kanishka Singh

(Reuters) -The United States has determined to virtually double the duties on Canadian softwood lumber from most producers to 17.9%, Canadian Trade Minister Mary Ng mentioned on Wednesday, including that Canada is “extremely disappointed.”

The present rate for many firms is about 9%.

Ng mentioned that the U.S. Department of Commerce on Wednesday issued the ultimate outcomes of the second administrative evaluations of its anti-dumping and countervailing duty orders relating to sure softwood lumber merchandise from Canada.

“Canada is extraordinarily disillusioned that the United States has determined to enhance the unfair duties it’s imposing on Canadian softwood lumber from most producers to 17.9%,” Ng said in a statement.

“Canada calls on the United States to stop imposing these unwarranted duties on Canadian softwood lumber merchandise.”

The U.S. Commerce Department and the U.S. Trade Representative’s office did not respond to a request for comment on Wednesday night. Earlier this year, Washington announced plans to double the duties on imports of Canadian lumber and requested a dispute panel on Canada’s dairy import quotas.

Canada’s softwood lumber industry is a key component of the country’s forestry sector, which contributed more than $25 billion to the nation’s gross domestic product in 2020 and employed nearly 185,000 workers. The British Columbia Lumber Trade Council also expressed disappointment.

Ng said that “following completion of any authorized challenges beneath the Canada-United States-Mexico Agreement’s (CUSMA) Chapter 10 or in U.S. courts, these new anti-dumping and countervailing duty charges will apply retroactively to softwood lumber exports to the United States from firms that have been topic to the second administrative evaluations.”

“These unjustified duties harm Canadian communities, businesses, and workers,” she mentioned, including: “They are also a tax on U.S. consumers”.

The lumber duty rate has not been the one challenge of rivalry between Washington and Ottawa in current months. President Joe Biden, on his first day in workplace, canceled an oil pipeline from Canada to the United States that Canadian Prime Minister Justin Trudeau supported.

Disclaimer: Fusion Media would really like to remind you that the info contained on this website isn’t essentially real-time nor correct. All CFDs (shares, indexes, futures) and Forex costs should not offered by exchanges however reasonably by market makers, and so costs will not be correct and should differ from the precise market worth, which means costs are indicative and never acceptable for buying and selling functions. Therefore Fusion Media doesn`t bear any duty for any buying and selling losses you would possibly incur because of utilizing this knowledge.

Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or injury because of reliance on the data together with knowledge, quotes, charts and purchase/promote indicators contained inside this website. Please be absolutely knowledgeable relating to the dangers and prices related with buying and selling the monetary markets, it is without doubt one of the riskiest funding kinds potential.

Leave a Reply

India's best Website Development & Digital Marketing Company that works across the world. Feel free to inquiry for any Service or connect with our Official site.

Sunday, November 28, 2021

Most Popular

Most Trending

Recent Comments