Canada drops tariffs on imported machinery

Well done Canada!! We reported last week on the big advances that Canada is making on the freedom front (See http://bit.ly/a3Xzzu).  Your health care may be the worst in the free world, but we must give credit when it's due.  Canada just ended all tariffs on imported machinery. 

We just reported last week that the average tariff is 1.0% in Canada vs. 1.5% in the United States.   This unilateral tariff elimination will bring their weighted average tarriff to below 1.0% which is one of the lowest in the world.   In case you were wondering, Hong Kong and Singapore both have a weighted average tariff of 0%, while Australia has 2.5% (See http://bit.ly/clll5u).
...Finance Minister Jim Flaherty decided to make Canada a tariff-free zone on imported equipment – a measure he says will be worth close to $300 million a year by 2015.  Flaherty said Canada will be the first G20 country to eliminate tariffs on equipment.
Don't get me wrong, I'm not going soft on Canadian social projects.  We'll be doing more on the travesty that is the Candian health care system shortly.  I just wish that the US would follow the lead of their "socialist" comrades in the North when it comes to corporate taxes and tariffs.

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