BUSINESS

U.S. Move Sends Canadian Dollar Stumbling

The United States act of imposing new tariffs on softwood lumber has sent the Canadian dollar tumbling to a 14-month low.

The United States said recently it will impose preliminary anti-subsidy duties averaging 20 per cent on imports of Canadian softwood lumber, escalating a long-running trade dispute between the two countries.

While the currency fell, shares in Canadian lumber companies rose as the level of the new tariffs came in at the low end of what investors were expecting.

In the meantime, Canadian Prime Minister Justin Trudeau has vowed to protect his country’s interests.

Nigel Belle, Readers Bureau, Fellow

Edited by Jesus Chan

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