President Donald Trump has raised concerns over the Canadian dollar, describing its exchange rate against the US dollar as imbalanced amid escalating trade war between the two countries.
Mr Trump made the remarks in a post published on TruthSocial on Sunday, stating the exchange rate between the currencies of two North American countries had been unequal for years and must end.
“Canada’s (currency) Dollar imbalance with the U.S. is unacceptable. It has been that way for years – but no longer!,” the American leader stated.
As of Sunday, one Canadian dollar is worth around 72 U.S. cents but Mr Trump did not elaborate on the specific issue about the Canadian dollar he wants to rectify.
The relationship between the United States and Canada deteriorated recently after Ottawa pulled out of tariffs negotiations with Washington, with Canadian Prime Minister Mark Carney describing the Trump administration’s demands in now-suspended tariffs negotiations as “unfair.”
Subsequently, Mr Carney announced retaliatory tariffs on U.S. goods, vowing that Canada would match the Trump administration’s tariffs dollar for dollar, a move that angered Mr Trump.
In response to the decision by Canada to end trade negotiations with the United States, Mr Trump last month signed an executive order changing the name of Lake Ontario to Lake America.
Technology company Google has since updated its maps to reflect the President’s proclamation.
