Canada and the United States have entered into a trade war after the U.S. imposed tariffs on Canadian imports. Prime Minister Justin Trudeau responded with counter-tariffs on American goods. The situation has raised concerns about the impact on both economies and global trade.
Canada and the United States have embarked on a contentious trade war , with both nations imposing retaliatory tariffs. U.S. President Donald Trump initiated the conflict by signing an executive order Saturday that levied a 25 percent tariff on most Canadian imports, except for energy, which faces a 10 percent tariff. In response, Prime Minister Justin Trudeau announced counter tariffs on $30 billion worth of American goods, poised to escalate to $155 billion later this month.
The first round of tariffs is scheduled to take effect Tuesday. Trump stated that Canada and Mexico must balance their trade and address issues like immigration and fentanyl trafficking to alleviate the tariffs. The White House expressed that Mexico is taking the situation seriously, while Canada has shown a lack of understanding.Trudeau has engaged in discussions with European Council President Antonio Costa, highlighting the importance of continued collaboration between North America and Europe. He is also convening a virtual meeting of the Council on Canada-U.S. Relations to address the situation. Canadian politicians, including former finance minister Chrystia Freeland, have been vocal on American television, criticizing Trump's actions and their impact on Canada's economy.The escalating trade tensions have sparked concern across various sectors. Food and Beverage Canada expressed disappointment over the tariffs, emphasizing the interconnected nature of the agricultural and food supply chains between Canada and the U.S. The Canadian dollar has weakened to its lowest point against the U.S. dollar since 2003, and financial markets have experienced a decline. Companies like Loblaw and Shopify have pledged to support local production and encourage domestic consumption.
TRADE WAR TARIFFS CANADA UNITED STATES DONALD TRUMP JUSTIN TRUDEAU ECONOMICS GLOBAL TRADE
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