It's been a very exciting week in the land of tariffs so far, but we are far from done. New tariffs are on the horizon.
The 10% Section 122 tariff's expired this morning at 12:01 am, and at the very same time new Section 301 tariffs were enacted at a rate of 10% or 12.5%.
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@bea_johanssen@itslueul@AnthonyPKessler Look at your screenshot. Crude oil IMPORTS. Carney is attempting to frame the situation as if Canada has power in the situation, but they don’t.
@bea_johanssen@itslueul@AnthonyPKessler Look at your screenshot. Crude oil IMPORTS. Carney is attempting to frame the situation as if Canada has power in the situation, but they don’t.
@DeItaone Iran: “Not a single drop of oil will leave the straight!”
Oil exports and traffic increase by 400%
Iran “I mean it! We will destroy you!”
Trump claims the strait as a US territory
Iran “Please take us seriously”
@bea_johanssen@itslueul@AnthonyPKessler Look at your screenshot. Crude oil IMPORTS. Carney is attempting to frame the situation as if Canada has power in the situation, but they don’t.
You are hopelessly confused here, that figure isn’t accurate at all.
I am assuming you pulled that 60% from the fact that Canada supplies the US with 60% of its crude oil imports, not total, just what it imports. Over all, this accounts for just 24% of the US total usage of crude oil.
US produces more crude than we even need and we are a net exporter of petroleum products. Also that crude oil from Canada is delivered via pipeline. If Canada doesn’t sell it to the US then it has nowhere else to go.
Canada doesn’t hold any cards here.
Let me explain the technical problem for US/Canada/Mexico trade and why this trade dispute is so consequential.
NAFTA 2.0 essentially treats North America as one giant market. Not absolutely but lots of benefits afforded to counter parts inside not afforded to countries outside.
China recognizes the US has become much more restrictive on trade with China. So China says, I can still get the benefit of trade with the US by routing my trade through Mexico or Canada.
Oddly enough, the US is saying to Mexico and Canada, we want the assurance that when we buy a product that says Made in Mexico it is made in Mexico with as many non-Chinese parts as possible, by non-Chinese workers, and by non-Chinese firms. It's kind of amazing that Canada objects to that idea.
What is notable is that Mexico has actually cooperated with the United States on these trade issues. This is not to say they are perfect no country is, even the US is not, but Mexico has decided very clearly its interests are best served by blocking Chinese activities like trans-shipment. US-Mexican trade is booming.
Conversely, Canada is actively undermining US interests by signing deals with Beijing and rejecting American requests to block and take actions on things like trans-shipment, high risk imports, and money laundering just to name a few. You can rail against the US and Trump all you want but the basic requests are not burdensome or anything draconian.
If Canada really wants to align itself as the conduit for Beijing into the North American market, that is your sovereign right to pursue that course of action. It is also the US sovereign right to say we disagree with that and will not bind ourselves to your agreements with Communist China. Sorry not sorry
99% of U.S. natural gas imports, 85% of electricity imports, and 60% of crude oil imports sounds impressive, but it is totally misleading. Those are percentages of imports, not of total U.S. energy supply. America produces most of its own energy, so the Canadian share of actual U.S. supply is dramatically smaller. In electricity, for example, it is about 1%.
@frenziedflame20@ericvideos91 During Trumps first term USTR levied massive anti-dumping tariffs on China. When the Dems took the White House in 2020 they dismantled much of what Trump built, but not the tariffs, because they were working, so they quietly left them in place.
@t4154kr@USTradeRep You obviously know fucking nothing. 50% isn’t a tax, it’s a nonstarter. An embargo. Your leadership just fumbled a massive trade deal and ended up in an endless state of cold loneliness.
Congratulations, your pride won you nothing.
There’s literally nothing you make that we can’t make. American greatness is inevitable.
There may be growing pains, but that’s all they are. Temporary. Your leadership fumbled this one. You had a chance to serve the greatest economy in the world, but alas, I suppose you’ll need to watch the show from the otherside of the glass.
Come knocking when you need us, which I imagine will be soon.