U.S. Commerce Secretary Wilbur Ross says Canada is a close ally, but says that by 'dumping' lumber, is 'not a good neighbor'. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) U.S. Commerce Secretary Wilbur Ross on Tuesday called Canada a close ally, but said that did not mean Canadians do not have to play by the rules. Ross said that while no immediate further actions against Canada are being contemplated, the trade disputes point to the need to renegotiate NAFTA sooner rather than later. The two countries and Mexico are also preparing to renegotiate the 23-year-old North American Free Trade Agreement. 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. Canada will fight back against U.S. tariffs on softwood lumber and win again, top officials said on Tuesday, noting that international trade authorities have always ruled in its favor in the long dispute.