President Trump’s set of proclamations imposing 50% tariffs on goods imported from Canada are not as broad as the initial media reports suggest, with the included item codes covering only 5% of goods imported from Canada last year, or just 0.6% of total US goods imports. The tariffs would therefore boost the US overall tariff rate by just 0.3%-points, although they will have a more meaningful impact on the tariff burden that Canadian exporters face.
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