In a bold move escalating trade tensions, Canadian Prime Minister Justin Trudeau announced on Saturday that Canada will impose 25% tariffs on C$155 billion (approximately $106.5 billion) worth of U.S. goods. This action comes as a direct response to U.S. President Donald Trump's recent executive order imposing 25% tariffs on all goods from Canada and Mexico.
The initial tariff measures by Canada will see C$30 billion taking effect from Tuesday, with the remaining C$125 billion to be implemented in 21 days, Trudeau revealed during a news conference. The Canadian tariffs are set to target a wide range of American products, including beer, wine, bourbon, fruits, and fruit juices—specifically highlighting orange juice from President Trump's home state of Florida. Additional goods such as clothing, sports equipment, and household appliances are also on the list.
Trudeau warned of challenging times ahead for Canadians, emphasizing that the repercussions of the trade dispute would also adversely affect American consumers. \"They will raise costs for you, including food at the grocery store, gas at the pump,\" he addressed Americans. \"They will impede your access to an affordable supply of vital goods.\"
Earlier, President Trump signed an executive order implementing 25% tariffs on all goods from Canada and Mexico starting on Tuesday, with the exception of Canadian energy products, which will face a 10% duty. The trade measures have intensified concerns over a potential trade war that could have far-reaching impacts on global markets.
Beyond tariffs, Canada is exploring non-tariff measures that may involve critical minerals, energy procurement, and other partnerships, according to Trudeau. He urged Canadians to support domestic industries by purchasing Canadian products and choosing to vacation within Canada rather than in the United States. \"We didn't ask for this but we will not back down,\" Trudeau asserted.
The escalating trade dispute between Canada and the United States signals a significant shift in North American economic relations, with potential ripple effects on global trade dynamics. Investors and market analysts worldwide are closely monitoring the situation, given its implications for international supply chains and economic stability.
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Trudeau announces 25 percent tariffs in response to Trump order
cgtn.com
