Both Canada and Mexico faced a 25 percent tariff from the U.S. after President Trump ordered it into effect. Mexico announced a temporary deal delaying the tariffs by one month. China has so far appealed to the World Trade Organization (WTO). Trump has warned Americans that there might be a price to pay for the tariff wars, but, in the end, it will be worth it long-term for American prosperity. The EU came out against the tariffs, with concerns they might be next.
Mexico has vowed to send 10,000 national guard troops to the northern border in response to the tariff threat. Canada has vowed it will respond to the U.S. with in-kind tariffs.
Trade War Heats Up After Trump Orders Tariffs and Canada Retaliates– www.nytimes.com
Source Link
Excerpt:
The United States and its biggest trading partners were hurtling on Sunday into a new era of protectionism as Canada, Mexico and China said they would adopt countermeasures against new tariffs levied by President Trump.
From honey to tomatoes, and from clothes to toilet bowls, a wide range of American goods that cross the border into Canada, worth more than $100 billion, will soon be hit with a 25 percent tariff.
“We don’t want to be here,” Prime Minister Justin Trudeau said in a somber televised address from Ottawa on Saturday night in which he spoke of the deep bonds between the neighbors. “We didn’t ask for this.”
On Sunday, China said it would “take corresponding countermeasures to firmly safeguard its rights and interests.” It also said it would take legal action at the World Trade Organization.
And in a video released on Sunday, President Claudia Sheinbaum of Mexico said that she would unveil the first steps of her government’s so-called Plan B plan on Monday if an agreement with the United States could not be reached. Ms. Sheinbaum earlier warned of retaliatory “tariff and nontariff measures.”
Mexico, US reach deal that puts Trump tariffs on hold – USA Today
Source Link
Excerpt:
Mexico and the United States have reached a one-month agreement to stave off tariffs and a trade war, the threat of which sent global markets tumbling early Monday.
The tariffs on Mexico were set to go into effect Tuesday. By midday Monday, Trump’s 25% tariff on Canadian goods and a 10% tariff on Chinese goods still appeared on course to begin Tuesday.
Mexico President Claudia Sheinbaum Pardo said her country will send 10,000 National Guard troops to its northern border, while President Donald Trump agreed to work to slow the flow of American weapons south of the border.
Trump had promised 25% tariffs on all goods from Mexico before the two leaders worked out an agreement early Monday in a phone call.
Trade War Heats Up After Trump Orders Tariffs and Canada Retaliates– www.nytimes.com
Source Link
Excerpt:
The United States and its biggest trading partners were hurtling on Sunday into a new era of protectionism as Canada, Mexico and China said they would adopt countermeasures against new tariffs levied by President Trump.
From honey to tomatoes, and from clothes to toilet bowls, a wide range of American goods that cross the border into Canada, worth more than $100 billion, will soon be hit with a 25 percent tariff.
“We don’t want to be here,” Prime Minister Justin Trudeau said in a somber televised address from Ottawa on Saturday night in which he spoke of the deep bonds between the neighbors. “We didn’t ask for this.”
On Sunday, China said it would “take corresponding countermeasures to firmly safeguard its rights and interests.” It also said it would take legal action at the World Trade Organization.
And in a video released on Sunday, President Claudia Sheinbaum of Mexico said that she would unveil the first steps of her government’s so-called Plan B plan on Monday if an agreement with the United States could not be reached. Ms. Sheinbaum earlier warned of retaliatory “tariff and nontariff measures.”
Trump announces significant new tariffs on Mexico, Canada and China, sparking retaliatory actions – CNN– news.google.com
Source Link
Excerpt:
- Trump announces significant new tariffs on Mexico, Canada and China, sparking retaliatory actions CNN
- Canada’s Justin Trudeau announces retaliatory tariffs following Trump’s executive order NBC News
- Canada’s counter-tariff plan targets food and drink, furniture and perfume CTV News
- Here’s what will get more expensive from Trump’s tariffs on Mexico, Canada and China CNN
- Mexican president orders retaliatory tariffs against U.S. Reuters Canada
Trudeau Details Canada’s Retaliation Plans in Emotional Rebuke of Trump Tariffs – The New York Times– news.google.com
Source Link
Excerpt:
Prime Minister Justin Trudeau of Canada laid out more than $100 billion in retaliatory tariffs against the United States late Saturday, in a forceful response to President Trump’s decision to impose levies on a range of Canadian goods.
But he made clear that Canada was doing so reluctantly.
“We don’t want to be here,” Mr. Trudeau said in a somber televised address from Ottawa that evoked the deep bonds between the two neighbors and close trading partners. “We didn’t ask for this.”
Mr. Trudeau spoke hours after President Trump hit Canada and Mexico with tariffs of 25 percent on all goods, with a partial carve out for Canadian energy and oil exports. Mr. Trudeau said that Canada would swiftly impose its own “far-reaching” retaliatory tariffs of 25 percent on 155 billion Canadian dollars ($106 billion) worth of U.S. goods.
Canada on Sunday published a detailed list of all the U.S. goods imported into Canada that will be subjected to the tariff, including hundreds of products including honey, tomatoes, whiskey and peanut butter. Also on the list were garments, porcelain goods such as toilets and bath tubs, as well as refrigerators and dish washers.
How Trump’s tariffs might affect commodity and energy sectors– www.investing.com
Source Link
Excerpt:
U.S. President Donald Trump slapped Canada and Mexico with duties of 25% and China with a 10% levy on Saturday, calling the measures necessary to combat illegal immigration and the drug trade.
Canada and Mexico immediately vowed retaliatory measures, and China said it would challenge Trump’s levies at the World Trade Organization and take other countermeasures.
Trump’s move has sparked volatility in the commodities market. Here are some reactions to the news:
GOLDMAN SACHS
“We still expect Canadian oil producers to eventually bear most of the burden of the tariff with a $3 to $4 a barrel wider-than-normal discount on Canadian crude given limited alternative export markets, with U.S. consumers of refined products bearing the remaining $2 to $3 a barrel burden.
“We estimate Canadian exports to the U.S. might drop by a modest 0.16 billion cubic feet per day (bcfd) as a result of 10% import tariffs, with little if any impact on U.S. gas prices.”
China’s non-specific response to Trump tariffs stands in contrast to Canada’s retaliatory measures– www.cbc.ca
Source Link
Excerpt:
China’s government on Sunday denounced the Trump administration’s imposition of a long-threatened 10 per cent tariff on Chinese imports while leaving the door open for talks with the U.S. that could avoid a deepening conflict.
Beijing will challenge President Donald Trump’s tariff at the World Trade Organization — a symbolic gesture — and take unspecified “countermeasures” in response to the levy, which takes effect on Tuesday, China’s finance and commerce ministries said.
That response stopped short of the immediate escalation that had marked China’s trade showdown with Trump in his first term as president and repeated the more measured language Beijing has used in recent weeks.
U.S. tariff move sparks criticism, concern in Germany – Xinhua
Source Link
Excerpt:
U.S. President Donald Trump’s tariff move against Canada, Mexico and China has sparked criticism and concern in Germany.
On Saturday, Trump ordered to impose a 25-percent tariff on imports from Mexico and Canada, and a 10-percent tariff on Chinese goods. He also signaled that the European Union (EU) could be next, citing the bloc’s persistent trade surplus with the U.S.
While reaffirming Germany’s commitment to economic ties with the U.S., German Chancellor Olaf Scholz emphasized that the first priority should be “not to divide up the world with many tariff barriers.”
Donald: ‘Pain’ Caused By Tariffs ‘Worth The Price That Must Be Paid’– crooksandliars.com
Source Link
Excerpt:
A Wall Street Journal opinion piece titled, ‘The Dumbest Trade War in History’ really got under Donald’s thin-skin, so he took to Truth Social to rant against the paper while admitting that we may feel some pain from his trade war.
“The “Tariff Lobby,” headed by the Globalist, and always wrong, Wall Street Journal, is working hard to justify Countries like Canada, Mexico, China, and too many others to name, continue the decades long RIPOFF OF AMERICA, both with regard to TRADE, CRIME, AND POISONOUS DRUGS that are allowed to so freely flow into AMERICA,” he scribbled. “THOSE DAYS ARE OVER!”
“The USA has major deficits with Canada, Mexico, and China (and almost all countries!), owes 36 Trillion Dollars, and we’re not going to be the “Stupid Country” any longer,” It continued. “MAKE YOUR PRODUCT IN THE USA AND THERE ARE NO TARIFFS! Why should the United States lose TRILLIONS OF DOLLARS IN SUBSIDIZING OTHER COUNTRIES, and why should these other countries pay a small fraction of the cost of what USA citizens pay for Drugs and Pharmaceuticals, as an example?”
“THIS WILL BE THE GOLDEN AGE OF AMERICA!” he added. “WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!). BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID. WE ARE A COUNTRY THAT IS NOW BEING RUN WITH COMMON SENSE — AND THE RESULTS WILL BE SPECTACULAR!!!”
EU slams Trump tariffs, says it will ‘respond firmly’ if targeted– www.channelnewsasia.com
Source Link
Excerpt:
BRUSSELS: The European Union on Sunday (Feb 2) blasted US President Donald Trump’s sweeping tariffs on Canada, Mexico and China, and said the 27-nation bloc would hit back “firmly” if targeted.
Brussels had until now indicated it hoped to avoid a trade conflict with Trump through negotiation.
But on Friday the US leader doubled down by saying he “absolutely” planned to target the EU in future, as he slapped levies on his north American neighbours and China.
“The European Union regrets the US decision to impose tariffs on Canada, Mexico and China,” said a spokesman for the European Commission.
“Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides.”
The spokesman said “the EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods”.
“At this time, we are not aware of any additional tariffs being imposed on EU products,” he added.
