Donald Trump has vowed to impose sweeping tariffs on Canada, Mexico and China starting this weekend, potentially setting the stage for a damaging trade war between the US and three of its biggest trading partners. Trump also threatened to follow up with a further wave of tariffs against the European Union.
Goods exported from Canada and Mexico to the US will be hit with a 25% tariff, while products from China face a 10% levy, the White House press secretary, Karoline Leavitt, told reporters on Friday.
The administration did not give exact details of the tariffs, which Trump has repeatedly said would start 1 February. Trump later suggested in the Oval Office that oil from Canada, which exports millions of barrels of crude per day to the US, would “probably” face a lower tariff of 10% and that he expected his administration would impose duties related to oil and gas around 18 February.
While the president insisted that nothing could be done by Canada, Mexico and China right now to forestall tariffs, officials were said to be scrambling to find a way out. Several off ramps are under consideration in a bid to strike an 11th-hour deal, according to the Wall Street Journal.
This will be hurting a lot of people I know, USA are now an ennemie to Canada. I only wish we will forge a stronger alliance with all the other countries in the world. No matter what happens, I will never forget what americans did and will always favor any other commercial option for the rest of my life.
It’s a lose-lose for both Canadian and US consumers and businesses alike. Everyone but the elite will suffer, as per usual.