Canadian Prime Minister Justin Trudeau announced retaliatory tariffs against the US immediately after the US did late yesterday (notably, Mexico didn't).
The final line of his statement was this:
That hints at what the next fight will be in the courts and in Congress.
The first article of the US Constitution reads:
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and ExcisesThere have been a number of carve outs to that around dumping and emergency actions. Trudeau highlighted whether the 0.03 lbs of fentanyl that was seized in Dec-Jan at the US-Canada border meets bar to put tariffs on all goods in a country with a congressional-approved trade deal.
Several border states will be hard hit by a trade war and we could see a push to assert who has control of tariff policy.
This article was written by Adam Button at www.forexlive.com. Read More Details
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