Canada and Mexico denounce President Trump’s new tariffs, imposing retaliatory duties. Trudeau calls tariffs “dumb,” while Sheinbaum questions their justification. China responds with additional tariffs on U.S. goods. The stock market reflects uncertainty as these trade tensions escalate.
Canada and Mexico have vocally criticized President Donald Trump for imposing historic tariffs on goods from their countries, with tariffs on U.S. imports from Canada and Mexico set at 25% and an additional 10% increase on existing tariffs on Chinese goods. The White House emphasized these tariffs, stating they reflect Trump’s commitment to ensuring that U.S. trade policy aligns with national interests.
In a pointed response, Canadian Prime Minister Justin Trudeau condemned the tariffs as a “dumb” policy lacking in rationale. To retaliate, Canada announced a 25% tariff on $30 billion worth of U.S. goods, with further tariffs on an additional $125 billion expected to follow in 21 days. Trudeau affirmed, “We will not back down from a fight.”
Mexican President Claudia Sheinbaum also vowed to impose retaliatory tariffs, stating that there was no justification for such actions that would negatively impact both nations. She highlighted the need for cooperation instead of subordination, and she indicated a potential conversation with President Trump to negotiate terms.
Following the U.S. tariffs’ implementation, China swiftly reacted by imposing additional tariffs of 10% to 15% on American imports, including food staples like chicken and soybeans. These measures build upon previous tariffs set during the trade conflict instigated by Trump in 2018, which had included rates as high as 25%.
The stock market responded negatively to the tariff announcement, with major U.S. indexes experiencing significant losses, most notably the S&P. As trading continued, Asian markets reflected mixed reactions, while European markets also faced declines, indicating investor uncertainty surrounding the tariffs and their potential impacts on international trade.
In summary, the recent imposition of historic tariffs by the U.S. has prompted strong reactions from Canada and Mexico, who have both retaliated with their own tariffs. President Trump’s actions have prompted criticism for being counterproductive, as leaders from both nations reaffirm their commitment to stand up against such policies. The global market’s response suggests growing apprehension regarding future trade dynamics amidst these escalating tensions.
Original Source: abc7news.com
