Former Quebec Premier Jean Charest told CNN’s Wolf Blitzer that things are getting worse with the trade war between President Donald Trump and Canada. Now, Trump is even targeting Christmas decorations and building materials.
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“We get along very well, but this trade war, Wolf, is completely off the rails,” he said on Monday. “I mean, this started with the president announcing a new round of 50 percent tariffs on $20 billion worth of goods. For example, Wolf, the president, wants to tax Christmas decorations. Christmas decorations! I mean, I don’t know what it is about being obsessed by these kind of things.”
He explained that it means about $1,000 more in annual expenses for American families because of Trump’s tariffs on Canada.
“It increases inflation. And then it increases interest rates on Americans. None of this, absolutely none of this, makes sense. And the reality of our relationship with the United States is that both countries have the most integrated economy in the world,” he added.
He also pointed out that Canada is selling a lot of its oil to the U.S. at a heavy discount. It can stop offering the discount or even refuse to sell to the U.S. and drive fuel prices up even more.
“The United States will never have a better friend, partner or reliable supplier than Canada. We supply 60 percent of all the oil that goes into the United States,” Charest said before doing the math.
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“The Americans import what you import. The United States produces 13.7 million barrels a day. You consume 20 million barrels a day. We send 4 to 5 million barrels a day. And we sell that oil, Wolf at a discount to our American neighbor. I mean, does it get any better? That is, that’s the truth of the relationship between both countries we’re reliable. We’re friends. We are your biggest customer,” Charest cautioned, noting how badly the trade war will ultimately hurt Americans.
“And if it’s going to increase inflation, well, then it’s going to increase interest rates and everyone will be a loser as they come out of it,” he added.
The National Association of Home Builders said in November that there was a 45 percent increase in softwood imports from Canada to the U.S. About 25-30 percent of softwood used in the U.S. comes from Canada. It’s the U.S.’s biggest supplier, with 85 percent of the imported wood to the U.S. coming from Canada. Softwood is used for house framing, decking, roof decking and other building materials.
Blitzer began the segment saying that negotiations between the U.S. and Canada “completely collapsed.”
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