CANADIAN DOLLAR DROPS, AS US PLANS TO INCOME TARIFF ON WOOD
The Canadian dollar fell to a minimum since December, after the US announced plans to introduce a tariff for timber exports.
The American dollar was worth 1.3552 Canadian, against 1.3408 before the release of these news.
US Secretary of Commerce Wilbur Ross said that the tariff will be, on average, 20% and will be imposed on the import of timber from Canada, which is estimated at $ 5 billion.
In total, Canada exported timber at $ 6.37 billion in 2015, becoming the world’s fourth-largest country in this indicator.
In 2015, the US imported goods and services from Canada for $ 325.4 billion.