The latest Tariffs imposed by US President Donald Trump have in some way affected countries all over the world and Earlier in the week, Carlos Leitao, Finance Minister of Quebec said that these protectionist measures implemented by Trump administration have already begun affecting the province.
According to Carlos Leitao, he says that the protectionist measures have caused negative impacts for companies in the manufacturing sector that sell or buy aluminium and steel, (raw materials which have been hit by 10 and 25 percent tariffs respectively).
The minister also revealed that he remains concerned about a slowdown in private investment in Quebec as investors may prefer watching from the sidelines, how the province deals with the ongoing access to the U.S. market.
The North American Free Trade Agreement (NAFTA), which till date has been a guarantee of market access in Mexico, Canada, and the U.S. of A, has also come under huge uncertainty due to President Donald Trump’s statements and actions.
However, Leitao also said that he is not really concerned about the supply management as it is not the main U.S target, despite Trump publicly complaining about the Canadian Agricultural issue.
Notably, tariffs do present itself as a form of intimidation to obtain concessions in NAFTA renegotiations.
However, The provincial minister further added that changing supply management for dairy and other sectors is completely “non-negotiable.”