U.S. President Donald Trump confirmed today that he will follow through with his ariff threats against Canada, which will take place this Saturday.
“Look, Mexico and Canada have never been good to us on trade,” said Trump to reporters. Trump also told reporters that the tariff of 25% may rise, depending on Canada’s attitude toward the U.S. and the U.S-Canadian border. The federal government, despite being given a chance by Trump to address his concerns over the border and with trade in general, Trudeau and other parliamentarians jumped the gun and threatened Trump with tariffs of our own. The imposition of tariffs could significantly strain U.S.-Canada relations, leading to a potential trade war that may harm both economies. This escalation in trade tensions could also affect diplomatic ties, making it more challenging for the two countries to collaborate on other important issues. Furthermore, retaliatory tariffs from Canada could impact American businesses reliant on Canadian imports, potentially leading to increased prices and economic uncertainty. In the end, no one will be winning from these threats made by both federal governments. “From higher costs at the pumps, grocery stores and online checkout, tariffs cascade through the economy and end up hurting consumers and businesses on both sides of the border. This is a lose-lose.” said Canadian Chamber of Commerce.