In a significant escalation of trade tensions, Canadian Prime Minister Justin Trudeau announced on Saturday that Canada will impose 25% tariffs on C$155 billion ($106.5 billion) worth of U.S. goods. The move comes as a direct response to recent U.S. tariffs targeting Canadian exports.
Speaking at a news conference, Trudeau detailed that C$30 billion worth of tariffs will take effect from Tuesday, with the remaining C$125 billion to be implemented within 21 days. \"We didn't ask for this but we will not back down,\" Trudeau asserted, emphasizing Canada's resolve in the face of mounting trade challenges.
Earlier, U.S. President Donald Trump had signed an executive order imposing 25% tariffs on all goods from Canada and Mexico starting Tuesday, with the exception of Canadian energy products, which will be subject to a 10% duty. This aggressive trade measure has prompted swift retaliation from Canada, signaling a potential trade war between the close neighbors.
Trudeau warned that the coming weeks would be difficult for Canadians but also highlighted that the U.S. tariffs would adversely affect American consumers. Addressing Americans directly, he said, \"They will raise costs for you, including food at the grocery store, gas at the pump. They will impede your access to an affordable supply of vital goods.\"
The Canadian leader specified that the tariffs would target a wide range of American products, including beer, wine, bourbon, fruits, and fruit juices\u2014highlighting orange juice from Florida, Trump's home state. Additional goods such as clothing, sports equipment, and household appliances will also be subject to the new tariffs.
Beyond tariffs, Canada is considering non-tariff measures, potentially involving critical minerals, energy procurement, and other partnerships. Trudeau encouraged Canadians to support domestic products and consider vacationing within Canada rather than traveling to the United States.
\"We are going to stand up for our workers and our interests,\" Trudeau stated, urging national unity. \"Now is the time to invest in our own economy and show resilience against these unfair trade practices.\"
This escalating trade dispute between two of the world's largest economies raises concerns about potential ripple effects on global markets, including those in Asia. Investors and businesses worldwide are watching closely as the situation develops, wary of the broader implications for international trade and economic stability.
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Trudeau announces 25 percent tariffs in response to Trump order
cgtn.com
