In 2016, imports of softwood lumber from Canada were valued at an estimated $5.66 billion. -Canada commercial relations. USA lumber mills have been complaining about cheap Canadian imports since the 19th century. The trade spat had contributed to a more than 20 percent surge in wood prices since the USA election on concern that penalties would increase costs even more.
"I wouldn't regard the Canadian situation as being anything like the war with ISIS, but it certainly is a very precise set of tariffs on a very precise set of imports", he said.
Canada and the USA are still trying to negotiate another softwood deal and Canada is prepared to make concessions like in 2006 that would impose quotas and smaller tariffs on Canadian softwood. Trump has directed nearly all of his NAFTA criticism at Mexico, which makes this decision even more surprising.
"It's a disgrace", Trump said.
Shares of Washington-based lumber company Weyerhaeuser (WY) fell more than 1% in mid-morning trading on Tuesday.
Before sunrise Tuesday in Washington, Trump went on Twitter to declare: "Canada has made business for our dairy farmers in Wisconsin and other border states very hard".
"We will not stand for this".
Lumber and dairy are longstanding irritants - and were also a problem file under previous presidents.
So on Tuesday, the U.S. Department of Commerce will announce whether or not they'll try and even the playing field by imposing hefty duties, which are like taxes, on softwood lumber coming from across the border.
The five firms were: West Fraser Mills, Tolko Marketing and Sales, J.D. Irving, Canfor Corporation, and Resolute FP Canada.
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NDP Leader John Horgan issued a statement Monday saying that Clark's government has failed to secure a new softwood lumber deal, putting thousands of jobs at risk.
In an April 24 release, the province repeated its call for federal action to protect people and communities that would be negatively impacted by US trade actions through a loan guarantee program for Canadian companies.
"It is our hope that one day our markets will be so diversified that we don't need another softwood deal with the United States".
Ross said this could amount to $1 billion in new tariffs, as well as $250 million in retroactive collections.
"The allegations made by the U.S. lumber lobby are the same arguments they made in prior rounds of litigation, all of which were rejected and overturned by independent NAFTA panels", she said, denouncing a "protectionist" attempt to "create artificial supply constraints on lumber and drive prices up".
Officials in Canada rejected the claims and called the duties "unfair and punitive".
Canadian firms immediately denounced the decision.
The Canadian loonie was already falling versus the US dollar in overnight trading. But Ross also added that the softwood lumber action was decided on its own "merits".
It's the fifth time since 1981 that Canada and the US have sparred over softwood, and Canada has prevailed every time it has challenged the USA through the North American Free Trade Agreement, the World Trade Organization or in the USA court system.
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