The backtrack comes just two hours before Canada was set to announce its own retaliatory tariffs worth $3.6 billion. (The Logic)
Talking point: Washington had been trying to get Ottawa to agree to some kind of tariff quota in exchange for lifting the duties. Ottawa did not do so, but the U.S. has gone ahead and imposed one, anyway. The U.S. said it may still reimpose tariffs if actual monthly shipments exceed 105 per cent of the expected volume. Canada is unlikely to exceed that amount, according to one expert. Meanwhile, a World Trade Organization panel ruled that U.S. tariffs on US$200 billion worth of Chinese goods are illegal.