The article discusses the responses of Canada, China, and Mexico to the recent tariff hikes imposed by President Trump. Canada plans to impose 25% tariffs on U.S. imports, while China vows countermeasures against U.S. tariffs related to fentanyl. Mexico’s President suggests readiness for a response depending on Trump’s remarks. Investor Warren Buffett has criticized the tariffs, underscoring their potential negative impact on consumer prices.
As President Donald Trump’s tariffs targeting Mexico, Canada, and China come into effect, both Canada and China have initiated plans to retaliate in order to protect their economic interests. Canadian Prime Minister Justin Trudeau announced on Monday that Canada will begin imposing tariffs on select U.S. imports starting Tuesday in response to the U.S. measures.
Prime Minister Trudeau stated that the U.S. tariffs lack justification and will ultimately lead to increased costs for American consumers, adversely affecting jobs and disrupting the successful trade relationship established between the two nations. The Canadian government plans to impose tariffs totaling 25 percent on U.S. goods, amounting to $155 billion Canadian over 21 days.
China’s Ministry of Commerce has expressed strong opposition to the imposed U.S. tariffs, particularly those related to fentanyl, asserting that these actions are unjustified and aimed at deflecting blame. The ministry has declared that it will take countermeasures to safeguard its rights and interests, urging the U.S. to retract these unilateral tariffs.
Mexican President Claudia Sheinbaum has indicated that Mexico is prepared to respond to the tariffs but will wait to make a public announcement until after a press briefing on Tuesday. Previously, Mexico managed to avoid additional tariffs through a last-minute agreement securing troops at its northern border, and there are indications that new measures concerning Chinese imports may be forthcoming.
President Trump outlined the new tariffs of 25 percent on goods from Mexico and Canada, which have raised concerns about potential trade wars in North America. Furthermore, he reaffirmed plans to increase tariffs on Chinese imports from 10 percent to 20 percent to hold China accountable for its perceived failure to address the fentanyl issue. Notably, investor Warren Buffett has criticized these tariff actions, indicating that they function akin to a tax on goods, ultimately increasing consumer prices.
In light of President Trump’s tariff increases on Mexico, Canada, and China, both Canada and China have articulated their intention to retaliate with counter-tariffs. Canada’s response includes imposing significant tariffs on American goods, while China condemns the U.S. tariffs as unjustified and plans its own measures. Mexico, taking a cautious approach, is preparing to announce its strategy following Trump’s statements, illustrating the complex dynamics of international trade relations in the face of escalating tariffs.
Original Source: www.ndtv.com
