Financial Post | Business

OTTAWA —  Finance Minister Jim Flaherty should look at dropping import tariffs to help close the price gap of consumer goods between Canada and the United States, key senators said Wednesday – to positive reviews from the minister.

In addition to a review of Canadian tariffs while “keeping in mind the impact on domestic manufacturing,” the Senate finance committee wants Heritage Minister James Moore to study the costs and benefits of reducing the 10% mark-up that Canadian distributors can add to the U.S. list price of American books imported into Canada.

But the report, tabled in the Senate Wednesday, concedes that figuring out why the gap persists, despite the strength of the Canadian dollar, has been tricky. The committee “cannot offer an explanation as definitive as it would have liked” for persistent price discrepancies, the final report states.

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