US Treasury Secretary Says Canada Can’t Go ‘Tit for Tat’ With Economy 13 Times Larger
United States Treasury Secretary Scott Bessent says the difference in the size of the Canadian and American economies will make it difficult for Ottawa to respond with reciprocal tariffs. “I don’t think you can be in a tit-for-tat with somebody 13 times larger than you are,” Bessent said in an interview on CNBC on Aug. 31 when asked if the United States was in a trade war with Canada. “I mean, we’re not at war with Canada. How are we going to be at war with Canada? What are they going to take their two submarines from the [West] Edmonton Mall and sic them on us?” Bessent added....
TL;DR
- U.S. Treasury Secretary Scott Bessent believes Canada cannot engage in reciprocal tariffs due to the U.S. economy being 13 times larger.
- Bessent downplayed the idea of a trade war between the two nations.
- He used a humorous analogy involving submarines from the West Edmonton Mall to illustrate the point.