Canada Markets close in 3 hrs 36 mins
  • S&P/TSX

    20,627.82
    -130.52 (-0.63%)
     
  • S&P 500

    4,107.98
    -28.50 (-0.69%)
     
  • DOW

    33,815.19
    -110.82 (-0.33%)
     
  • CAD/USD

    0.7438
    -0.0029 (-0.3853%)
     
  • CRUDE OIL

    73.64
    +0.25 (+0.34%)
     
  • BTC-CAD

    30,882.99
    -287.52 (-0.92%)
     
  • CMC Crypto 200

    528.01
    +2.88 (+0.55%)
     
  • GOLD FUTURES

    1,878.10
    +1.50 (+0.08%)
     
  • RUSSELL 2000

    1,961.56
    -23.97 (-1.21%)
     
  • 10-Yr Bond

    3.6340
    +0.1020 (+2.89%)
     
  • NASDAQ

    11,905.65
    -101.30 (-0.84%)
     
  • VOLATILITY

    19.48
    +1.15 (+6.27%)
     
  • FTSE

    7,836.71
    -65.09 (-0.82%)
     
  • NIKKEI 225

    27,693.65
    +184.19 (+0.67%)
     
  • CAD/EUR

    0.6937
    +0.0024 (+0.35%)
     

Canada disappointed by U.S. plan to maintain softwood lumber duties

FILE PHOTO: A worker unloads logs at the Murray Brothers Lumber Company in Madawaska

OTTAWA (Reuters) - Canada is disappointed the United States plans to maintain tariffs on Canadian softwood lumber imports, Ottawa said on Tuesday, arguing that a negotiated solution to the longstanding dispute was in the best interests of both countries.

Canadian Trade Minister Mary Ng was responding to the U.S. Commerce Department's preliminary decision to maintain its level of duties on Canadian softwood lumber imports as part of an annual review.

"This is a disappointing decision to many on both sides of our shared border," Ng said in a statement.

The softwood lumber tariffs are the legacy of a decades-long trade dispute over the structure of Canada's timber sector that could not be resolved when a quota agreement expired in 2015.

"We are confident that a negotiated solution to this long-standing issue is in the best interests of both our countries," Ng said.

(Reporting by Ismail Shakil in Ottawa; Editing by Chris Reese and Deepa Babington)