In a recent speech to Canadians, Prime Minister Justin Trudeau directly addressed US President Donald Trump, calling his decision to impose tariffs on Canada “a very dumb thing to do”. Trudeau stated that these tariffs are detrimental to the relationship between the two countries and are exactly what their opponents around the world want to see. Trudeau also announced that Canada would challenge the US tariffs at the World Trade Organization and through the free trade agreement covering the two countries. Canada has already retaliated with tariffs on US goods and threatened to impose more. Trudeau warned that if the tariffs are not withdrawn, Canada will pursue non-tariff measures to demonstrate that there are no winners in a trade war.
The ongoing trade tensions have caused stock market selloffs and warnings from business leaders about potential price hikes for consumers. Ontario Premier Doug Ford ordered a 25% export tax on electricity sent to certain US states in retaliation for the tariffs. Mexican President Claudia Sheinbaum vowed to respond to the tariffs, while Commerce Secretary Howard Lutnick defended the tariffs and acknowledged that prices may increase in the short term. The American Automotive Policy Council warned that tariffs could raise the costs of vehicle production. Overall, the trade war has led to uncertainty and concerns about its impact on consumers and economies on both sides of the border.
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