Trade tensions heat up as China and Canada retaliate against U.S. tariffs.
China and Canada announced retaliatory measures on Tuesday after U.S. tariffs took effect overnight
China and Canada announced retaliatory measures on Tuesday after U.S. tariffs took effect overnight
imposing one of the largest increases in US tariffs since the 1930s in a dramatic escalation of a trade war that stands to upend ties with major economic partners.
President Donald Trump said Monday that his tariffs on Canada and Mexico are starting next month, ending a monthlong suspension on the planned import taxes that could potentially hurt economic growth and worsen inflation
Users in the US now see “Gulf of America,” while those in Mexico continue to see the original name
. President Trump said the tariffs were being imposed because of illegal immigration and the flow of fentanyl from Mexico.
U.S.-Canada trade is valued at $683 billion, with 75% of Canadian exports heading south.
U.S. President Donald Trump signed an executive order Saturday that places 25 percent tariffs on imports from Canada and Mexico and 10 percent tariffs on goods from China starting Tuesday, the White House said.
The tariffs would also invite retaliation. Doug Ford, the premier of Ontario, has already vowed to counterpunch by pulling American alcohol off store shelves in the Canadian province – no idle threat; Canada is the world’s No. 2 market for America’s distilled spirits (behind the 27-nation European Union).
President Trump said on Monday that he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1, while declining to flesh out his plans for taxing Chinese imports.