Permanent Tariffs on Canada Hurt the US, Freeland Says

Watch on YouTube ↗  |  August 21, 2026 at 18:22  |  2:14  |  Bloomberg Markets
Speakers
Chrystia Freeland — Deputy Prime Minister and Minister of Finance of Canada

Summary

Former Canadian Deputy Prime Minister Chrystia Freeland argues that permanent US tariffs on Canadian steel, aluminum, cars, and car parts would hurt both Canada and the United States. She says the tariffs weaken US manufacturing by raising input costs and would particularly damage Detroit automakers. Freeland describes the policy as self-mutilating and points to Brexit as a historic example of losing by winning.

  • Freeland says permanent tariffs on Canadian steel, aluminum, cars, and car parts are harmful to those Canadian sectors.
  • She argues the tariffs are also bad for the US, especially by making US manufacturers weaker.
  • She cites 2018 tariff studies showing net harm to US manufacturing.
  • She calls aluminum tariffs self-harming because aluminum is effectively electricity in solid form.
  • She warns permanent tariffs on cars and car parts will hurt Detroit automakers.
  • She says Canadians support their prime minister but Canadian unions in autos, steel, and aluminum will be concerned.
Ideas
Chrystia Freeland Deputy Prime Minister and Minister of Finance of Canada 0:21
Canadian steel, aluminum, autos face tariff harm
Permanent tariffs on Canadian steel, aluminum, cars and car parts are a bad outcome for Canada and are harmful to those sectors, even though Canadians support their prime minister during the trade dispute.
Chrystia Freeland Deputy Prime Minister and Minister of Finance of Canada 0:59
Tariffs on Canadian inputs weaken US manufacturing
Permanent US tariffs on Canadian steel and aluminum make US manufacturers weaker by raising input costs; 2018 tariff studies show net harm to US manufacturing, and aluminum tariffs are especially self-harming because aluminum is effectively electricity in solid form.
Chrystia Freeland Deputy Prime Minister and Minister of Finance of Canada 1:47
Car tariffs will hurt Detroit automakers
Permanent tariffs on Canadian cars and car parts will particularly hurt Detroit because the US and Canada have built vehicles together for more than a century and the cross-border auto supply chain is deeply integrated.
Up Next

This Bloomberg Markets video, published August 21, 2026, features Chrystia Freeland discussing Canadian aluminum sector, Canadian steel sector, Canadian auto and auto parts sector, US manufacturing sector, Detroit automakers. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chrystia Freeland  · Tickers: Canadian aluminum sector, Canadian steel sector, Canadian auto and auto parts sector, US manufacturing sector, Detroit automakers