Trump Prepared Tariffs for Canadian Timber Imports

The U.S. new tariff averaging 20 percent on Canadian timber imports shows how serious President Donald Trump is about enforcing trade rules, Commerce Secretary Wilbur Ross told CNBC on Tuesday.

“The Trump administration has been much more focused on enforcement than had been true previously,” he said, taking a veiled swipe at former President Barack Obama’s approach to trade.

In an interview on “Squawk Box,” Ross said, however, the new lumber tariff, a result of a long-running dispute, is not the beginning of a trade war with Canada. He said it showed Trump making good on promises to hold Canada accountable for unfair practices such as those that have hurt American dairy farmers.

The president, while traveling in Wisconsin last week, was particularly troubled by the plight of U.S. dairy farmers, said Ross, a billionaire who made his fortune investing in distressed assets.

Trump tweeted a warning about the dairy issue Tuesday morning.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza