The Canadian dollar weakened as much as 0.3 per cent in Tuesday Asia trading after the Trump administration announced it would impose tariffs on Canadian exports of softwood lumber to the US.

Wilbur Ross, US commerce secretary, told the Financial Times that the US would impose tariffs ranging from 3 per cent to 24 per cent on five Canadian lumber exporters. The Canadian companies are Canfor, J.D. Irving, Resolute FP Canada, Tolko Marketing and Sales and West Fraser Mills.

The Canadian dollar is currently trading down 0.3 per cent against its American counterpart at $1.3541.

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