As President Trump’s tariffs on Mexico, Canada, and China commence, both Canada and China are poised to retaliate with their tariffs and countermeasures. Canada will impose 25% tariffs on $155 billion worth of US imports. China plans to target US agricultural products, while Mexico also prepares its own responses. The situation raises concerns about a potential trade war and economic implications for consumers.
As President Donald Trump’s tariff increases take effect for Mexico, Canada, and China, both Ottawa and Beijing are prepared to implement countermeasures. Canadian Prime Minister Justin Trudeau declared that they would initiate tariffs on US imports starting Tuesday in direct response to the US tariffs imposed on Canada and Mexico.
In retaliation, Canada plans to impose a 25% tariff on $155 billion worth of American goods over a span of 21 days, beginning with $30 billion worth of goods immediately. Trudeau stated that these tariffs would negatively impact American consumers, increasing prices on essential goods and risking American jobs.
China has also expressed strong opposition to the new tariffs and intends to target US agricultural and food products as part of its counter-response. The Chinese commerce ministry criticized the US for using the issue of fentanyl to justify these tariffs, labeling them as unreasonable and harmful.
Mexican President Claudia Sheinbaum has promised to respond strategically to the US tariffs, stating that Mexico has contingency plans in place. The country will clarify its position following an upcoming press conference with President Sheinbaum while indicating a commitment to unity and cooperative planning among Mexican leadership.
President Trump’s tariff policy, imposing a 25% tariff on goods from both Canada and Mexico and increasing the tariffs on Chinese imports from 10% to 20%, raises concerns regarding the potential onset of a trade war in North America. Legendary investor Warren Buffett has voiced criticism over these tariff measures, emphasizing that they act as a tax on consumers and could lead to war-like economic conditions.
In summary, Canada and Mexico are gearing up to retaliate against the tariffs imposed by the United States, with Canada specifically planning significant tariffs on American imports. China, similarly, plans to enact its countermeasures in response to tariffs targeting its goods. The situation amplifies the potential for escalating trade conflicts, as economic leaders express concerns over rising prices for consumers and overall economic stability due to these tariff strategies.
Original Source: www.ndtv.com
