In a swift response to escalating trade tensions, Canadian Prime Minister Justin Trudeau announced on Saturday that Canada will impose 25 percent tariffs on C$155 billion (approximately \$106.5 billion) worth of U.S. goods. The move comes in retaliation to new U.S. tariffs imposed by President Donald Trump.
Speaking at a news conference, Trudeau stated that the first set of tariffs, totaling C\$30 billion, will take effect starting Tuesday. An additional C\$125 billion worth of tariffs will be implemented in 21 days. \"Canada will not back down,\" Trudeau asserted, emphasizing the country's commitment to protecting its economic interests.
Earlier, President Trump signed an executive order imposing a 25 percent tariff on all goods from Canada and Mexico, set to begin on Tuesday. The order includes an exception for Canadian energy products, which will be subjected to a 10 percent duty instead.
The tit-for-tat measures mark a significant escalation in trade disputes between the neighboring nations, raising concerns over potential impacts on global markets. Analysts are closely monitoring the situation, noting that the repercussions could extend beyond North America, potentially affecting international trade dynamics and economic conditions in Asia and other regions.
Businesses and investors worldwide are bracing for the fallout, with many expressing uncertainty about the future of international trade agreements. The implementation of these tariffs may prompt companies to reassess supply chains and consider diversifying markets to mitigate risks.
The international community awaits further developments as leaders from Canada, the United States, and Mexico navigate the complexities of trade negotiations. The situation underscores the interconnectedness of the global economy and the far-reaching implications of policy decisions made by major economic powers.
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Trudeau announces 25 percent tariffs in response to Trump order
cgtn.com
