Canada and Mexico have condemned U.S. tariffs imposed by President Trump, which include a 25% levy on their goods. Trudeau labeled the tariffs as ‘dumb’ and responded with retaliatory measures, while Sheinbaum similarly criticized the decisions and prepared additional tariffs. The tariffs have prompted adverse reactions in both diplomatic relations and financial markets.
In a significant escalation of trade tensions, Canada and Mexico have vocally condemned President Donald Trump for imposing historic tariffs on goods imported from their countries. Effective Tuesday, the tariffs introduce a 25% levy on items entering the U.S. from Canada and Mexico, while an additional 10% tariff will be applied to certain goods from China. Yale’s Budget Lab has indicated that current U.S. tariffs are at their highest level since 1943.
Canadian Prime Minister Justin Trudeau criticized the tariffs as a “dumb” policy, asserting that they lack rationale. In retaliation, Canada announced a 25% tariff on $30 billion in U.S. imports, with plans for further tariffs on an additional $125 billion worth of goods to follow. Trudeau affirmed Canada’s commitment to resisting these trade measures, stating, “We will not back down from a fight.”
Simultaneously, Mexican President Claudia Sheinbaum expressed her discontent, asserting that there are no justifiable reasons for the U.S. tariffs, which she believes negatively impact both nations. Sheinbaum stated that she plans to discuss the matter with President Trump, with potential retaliatory tariffs ready to be announced if an agreement is not reached. “Cooperation and coordination, yes; subordination and interventionism, no,” she asserted.
As the U.S. tariffs were activated, China promptly responded with its own increase in tariffs on U.S. goods, raising duties on imports such as chicken, wheat, soybeans, and beef by an additional 10% to 15%. These measures compound previous tariffs enacted during the trade war that began in 2018, indicating escalating global trade tensions.
Following the announcement of the tariffs, major U.S. stock indexes reacted negatively, with the S&P serving its largest decline since December. The Dow Jones Industrial Average closed down significantly, reflecting the adverse market response. Global markets experienced varying reactions, with Asian and European indexes showing mixed results in the aftermath of the tariff imposition.
The recent imposition of tariffs on Canadian and Mexican goods by the United States has led to sharp criticisms from both nations and immediate retaliatory measures. The escalating trade tensions not only affect diplomatic relations but also have significant repercussions on global markets. Both Prime Minister Trudeau and President Sheinbaum are positioning their countries to combat these tariffs effectively, asserting their countries’ sovereignty in trade matters.
Original Source: abc7news.com
