Canadian Prime Minister Justin Trudeau has announced that Canada will impose retaliatory tariffs on U.S. goods if President Donald Trump proceeds with his plan to levy tariffs on Canadian exports.
This announcement comes amidst escalating trade tensions between the two nations.
Key Details:
- US Tariffs: The United States has proposed a 25% tariff on Canadian goods and a 10% tariff on Canadian energy products. These measures are expected to take effect on February 4, 2025.
- Canada’s Response: Trudeau stated that Canada would impose a 25% tariff on $155 billion worth of American goods. The first phase, amounting to $30 billion, will target consumer goods such as orange juice, peanut butter, and apparel. The second phase, worth $125 billion, will include vehicles, steel, and aluminum products.
- Economic Impact: Trudeau emphasized that these tariffs would harm both Canadian and American economies, potentially leading to job losses and increased costs for consumers.
This development marks a significant escalation in the trade dispute, with both countries preparing for economic consequences. Trudeau’s firm stance underscores Canada’s commitment to protecting its economic interests.
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