Canadian Prime Minister Justin Trudeau announced retaliatory tariffs this Saturday evening following Trump's executive order, which will needlessly start a trade war with our north American allies.
Hours after US President Donald Trump signed an executive order imposing 25 per cent tariffs on almost everything the US imports from Canada, outgoing Canadian Prime Minister Justin Trudeau said he has no choice but to impose countermeasures.
In a press conference in Ottawa, Justin Trudeau addressed Americans directly and invoked the two neighbouring countries' shared history and longstanding security and military alliances.
“From the beaches of Normandy to the mountains of the Korean peninsula, from the fields of Flanders to the streets of Kandahar, we have fought and died alongside you during your darkest hours,” Trudeau said.
“Yes, we’ve had our differences in the past, but we’ve always found a way to get past them. As I’ve said before, if President Trump wants to usher in a new golden age for the United States, the better path is to partner with Canada, not to punish us.”
Here's more from NBC:
Hours after President Donald Trump signed executive orders implementing tariffs on goods from Canada, Mexico and China, the three countries slammed the move and promised retaliatory measures. [...]
Mexico, Canada and China together accounted for more than 40% of total U.S. imports last year. Tit-for-tat tariff announcements from their leaders could send prices soaring for consumers both in the U.S. and abroad, affecting the costs of items such as food, electronics and cars.
So far, Canadian Prime Minister Justin Trudeau has been the only leader to lay out details for what the country's response will look like. Trudeau announced Saturday night that Canada would respond to Trump's decision to enact a 25% tariff on Canadian exports to the U.S. by implementing a 25% tariff against $155 billion in U.S. goods. Trudeau did not specify whether the $155 billion in American goods was the products' worth in Canadian or U.S. dollars. $155 billion in Canadian dollars would be about $106 billion in U.S. dollars.
Trudeau said during the Saturday evening news conference that the tariffs on American goods include "immediate tariffs on $30 billion worth of goods as of Tuesday," the same day the U.S. is set to begin collecting tariffs on Canadian goods. He said that the rest of the tariffs will come in about three weeks "to allow Canadian companies and supply chains to seek to find alternatives."
"Like the American tariffs, our response will also be far reaching and include everyday items such as American beer, wine and bourbon, fruits and fruit juices, including orange juice, along with vegetables, perfume, clothing and shoes," Trudeau said. "It'll include major consumer products like household appliances, furniture and sports equipment, and materials like lumber and plastics, along with much, much more."
Trump is violating the USMCA that he signed back in 2020. I have to wonder if this is going to wind up in court like so many of the other illegal things Trump has been doing in the very short time he's been back in office. The damage will have already been done even if it does.
Congratulations MAGAs. I hope you enjoy that inflation getting worse Trump pretended he wanted to fix.
Hedge fund managers are now betting on a market crash as well. Oh joy.
