Canada threatens $1 billion in tariffs, meat groups speak out over COOL proposal
Canada is prepared to impose punitive tariffs worth about 1 billion Canadian dollars ($984 million U.S.) a year on U.S. goods if it doesn't meet a May deadline to comply with a World Trade Organization ruling on meat-labeling, Canadian Agriculture Minister Gerry Ritz said Tuesday. That amount is the annual cost to Canada's beef and pork industry since the U.S. imposed mandatory country of origin labeling (COOL) requirements in 2008, according to Dow Jones News.
"As a country, we're more than prepared to apply retaliatory measures to recoup that C$1 billion," if the U.S doesn't comply, Ritz said. He said he is "hopeful" but isn't "holding my breath" that the U.S. will comply. He said he hopes pressure from the Canadian government and industry on both sides of the border will convince the U.S. that its actions are "wrong headed."