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Canada's Retaliatory Tariffs on US Goods
2025-02-02 05:40:09

Canada's Retaliatory Tariffs on US Goods

Canadian Prime Minister Justin Trudeau has announced a 25% tariff on US goods in response to the US imposing similar tariffs on Canadian imports. This countermeasure targets $106.5 billion worth of US products, including beer, wine, bourbon, fruits, and juices.

Trudeau's decision stems from President Trump's tariffs, which he claims undermine Canada's economy and breach the free trade agreement between the US, Canada, and Mexico. Trudeau emphasized the impact of these tariffs on American jobs, warning of potential plant closures and increased consumer prices.

He urged Canadians to avoid US vacations and prioritize domestic goods, while considering further non-tariff measures in areas like minerals and energy. In 2023, trade between the US and Canada reached $923 billion, highlighting the significance of these economic tensions.

Related news on that topic:

Trump's Tariff Tensions Reignite Global Trade Concerns

Donald Trump has once again sparked global trade tensions with his announcement of new tariffs on imports from Canada, Mexico, and China. This move is aimed at boosting the U.S. economy but has ignited fears of a renewed trade war. Tariffs include 25% on Canadian and Mexican goods, and 10% on Chinese products. Trump argues that these measures address the issues of immigration and drug trafficking, particularly the influx of fentanyl into the U.S. The announcement has drawn criticism, with Canadian Prime Minister Justin Trudeau threatening countermeasures and U.S. Senate Democratic Leader Chuck Schumer warning of increased costs for American consumers. The tariffs are set to affect a wide range of products, including pharmaceutical goods, computer chips, oil, and gas. China, having faced similar tariffs in 2018, is ready to retaliate, potentially impacting global supply chains and increasing costs for businesses worldwide. Analysts express concern over the potential economic impact, as previous tariffs resulted in significant revenue losses for U.S. farmers. The international community remains on edge, anticipating further developments as trade tensions escalate.

Trump's Tariffs: Economic Impact and Global Reactions

President Donald Trump has announced significant tariffs on imports from Canada, Mexico, and China, aiming to bolster the US economy. The tariffs, set at 25% for Canada and Mexico and 10% for China, are expected to raise prices for American consumers. Economists predict these measures could slow economic growth and increase inflation, disproportionately affecting low and middle-income earners. The tariffs come as part of Trump's strategy to reduce trade deficits and are justified by national security concerns, particularly regarding illegal drugs and immigration. The move has sparked threats of retaliatory actions from affected countries, with Canada and Mexico considering imposing their own tariffs on US goods. Additionally, Trump has signaled potential tariffs on the European Union, citing unfair trade practices. Despite the potential for a trade war, Trump remains steadfast, claiming that the tariffs will enrich the US economy. Critics argue that these tariffs could disrupt supply chains, increase costs for US manufacturers, and strain relations with key trading partners. The global trade landscape faces uncertainty as nations brace for economic repercussions. The tariffs also challenge the integration achieved through decades of free trade agreements, particularly in North America, where economic interdependence has grown significantly.

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Thế giới - VnExpress
2. Februar 2025 um 02:35

Canada tung đòn thuế trả đũa Mỹ

Politics
Economy
Thủ tướng Canada Justin Trudeau tuyên bố sẽ áp thuế 25% với 106,5 tỷ USD hàng Mỹ, sau khi Tổng thống Trump áp mức thuế tương tự với hầu hết hàng hóa từ nước láng giềng. Ông Trudeau ngày 1/2 thông báo kế hoạch áp thuế trả đũa Mỹ theo hai giai đoạn, với tổng giá trị hàng hóa Mỹ bị ảnh hưởng là khoảng 155 tỷ CAD (hơn 106,5 tỷ USD). Trong giai đoạn một, lệnh áp thuế 25% sẽ tác động đến 20,5 tỷ USD hàng hóa Mỹ xuất khẩu sang Canada bắt đầu từ ngày 4/2. Giai đoạn hai sẽ được triển khai trong 21 ngày,..
zeit
2. Februar 2025 um 02:34

Trade: Trudeau Announces Countervailing Duties on US Goods

Politics
Economy
Canadian Prime Minister Justin Trudeau has announced countermeasures of the same magnitude due to the impending introduction of far-reaching tariffs by the US government. Trudeau said in an evening press conference that Canada will in turn impose tariffs of 25 percent on US goods. Headline © dpa-infocom, dpa: 250202-930-362823/1
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