Bessent Dismisses Canada's 50% Retaliatory Tariffs as U.S. Economy Towers 13 Times Larger
Updated
Updated · The New York Times · Aug 31
Bessent Dismisses Canada's 50% Retaliatory Tariffs as U.S. Economy Towers 13 Times Larger
2 articles · Updated · The New York Times · Aug 31
Summary
Scott Bessent said Canada lacks the economic weight to sustain a tariff fight with the United States, dismissing Ottawa's new retaliatory duties in a CNBC interview.
Canada last week imposed tariffs of as much as 50% on hundreds of U.S. products, covering about $20 billion in annual imports after trade talks collapsed and Washington hit Canadian exports with new tariffs.
Bessent accused Prime Minister Mark Carney of turning the dispute into a political confrontation and said Canada, the second-largest U.S. trading partner, "would not stand a chance" in a broader conflict.
Canada's finance ministry said it would not accept a bad deal, arguing the country remains economically important through critical minerals, energy and potash even as the trade standoff deepens.