However, its termination led to a period of protectionism.>Smoot-Hawley Tariff (1930): During the Great Depression, the US imposed high tariffs, including on Canadian goods, prompting Canada to retaliate with its own tariffs.
Early agreements like the Canadian-American Reciprocity Treaty (1855-1866) fostered trade by reducing tariffs, but its termination led Canada to adopt protectionist policies.
In May 2018, citing national security concerns under Section 232 of the Trade Expansion Act, the Trump administration imposed a 25 per cent tariff on Canadian steel and a 10 per cent tariff on aluminum imports.
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