WSJ: Trump Plans to Cancel 50% Tariffs on Certain Canadian Goods

BlockBeats news, October 24 - According to WSJ citing informed sources, the Trump administration plans to cancel the 50% tariffs on some Canadian agricultural and forestry products, which may be announced as early as Friday local time, but the specific scope and timing may still be adjusted.

At the same time, the United States may increase tariffs on other Canadian goods to offset this tax reduction. The report states that this move is intended to help Maine Republican Senator Susan Collins and other Republican candidates cope with the upcoming midterm elections. Collins has repeatedly called for reducing the impact of tariffs on local businesses and consumers and is currently in a fierce competition with a Democratic challenger.

At the end of August, Trump imposed a 50% tariff on about $20 billion worth of Canadian goods. Last month, the United States exempted some goods but simultaneously imposed tariffs on others, with the total affected trade volume basically unchanged. White House officials said that any formal tariff decision will be announced by the government.