Loonie hits lowest value in 4 months as U.S. slaps new duties on Canadian lumber

The Canadian dollar fell 0.4 percent in early Asian trade on Tuesday after U.S. Commerce Secretary Wilbur Ross said his agency will impose new anti-subsidy duties averaging 20 per cent on Canadian softwood lumber imports.

The Canadian dollar fell to as low as C$1.3555 per U.S. dollar, its lowest level since late December, edging near its December trough of C$1.3598 to the dollar.

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On Monday, U.S. President Donald Trump told members of the conservative media that “we’re going to be putting a 20 per cent tax on softwood lumber coming in — tariff on softwood coming into the United States from Canada.”

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It’s just the latest development in an ongoing row over softwood lumber between Canada and the U.S. that stretches back to the 1980s.

READ MORE: Donald Trump announces 20 per cent tariff on Canadian softwood lumber: report

• With files from The Associated Press