U.S. President Donald Trump says Canada’s exchange rate with the U.S. is “unacceptable.”
In a post shared to Truth Social on Sunday, Trump added it has “been that way for years.”
“Canada’s (currency) Dollar imbalance with the U.S. is unacceptable,” the post reads. “It has been that way for years - but no longer!”
Trump did not elaborate on what he meant by the post.
The U.S. dollar currently trades at approximately C$1.38.
This means that C$1 is worth around 72 U.S. cents.
The Canadian dollar has historically been weaker than its U.S. counterpart, which makes Canadian exports cheaper to American customers and American goods more expensive for Canadians.
Trump’s post comes two days before Canada’s tariffs on U.S products comes into effect on Tuesday, Sept. 8.
The tariffs will target 700 American goods, in response to Trump’s 50 per cent tariffs on Canadian exports which have been in effect since Aug. 22.
On Aug. 30, Trump shared a series of posts to his socials where he described Canada as “one of the worst abusers” and claimed he had “saved” the automobile business in the U.S. thanks to the tariffs.
“They’ve been ripping us off for decades and it’s going to stop,” his post shared then reads.
Since trade negotiations broke down on Aug. 21, Trump has repeatedly criticized trade relationships between the two countries.
Carney has not responded publicly to Trump’s social media statements. A recent Nanos poll found that Canadians have been supportive of the prime minister’s response to the trade dispute and are in favour of his government’s counter-tariff measures.
