With an incumbent Maine US senator from his own party locked in a tight reelection battle, US President Donald Trump signed an order on Friday to remove 50 percent tariffs on some Canadian agricultural and forestry products in a move that could benefit companies from the northern state. The Republican president's hefty tariffs on Canada have caused friction with the US neighbour to the north while creating problems for American businesses in Maine and other states that rely on certain Canadian goods. With the November 3 US midterm elections looming and Republicans fighting to retain control of both houses of Congress, Senator Susan Collins had urged the White House to address tariffs on products affecting companies and farmers in Maine, a state that borders Canada. Trump's order exempted plywood sheets, some paper products, certain machinery and refrigeration equipment, and packing crates and boxes, as well as fresh and dried seaweed, the White House said. The changes take effect on October 30, four days before the election. Trump added a number of Canadian products to the 50 percent tariff list to offset the tariff relief provided in his order, including carpets, paints, waste, shampoos, cocoa powder, wooden coffins, ice cream sticks, air-conditioning machines, chest freezers, archery...
Read full articleWhile higher interest rates are a complication for stocks and bonds, they are an unequivocal boon if you just want to park some cash and make a little money, our columnist says.
The move was announced by Senator Susan Collins, a Maine Republican who faces a tough re-election fight amid rising prices.
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