Canada has responded with retaliatory tariffs, and markets are falling as investors brace for the economic impact that the duties will have on economies on both sides of the border. Canadians confused about Trump's plans aren't alone, with the U.S. president at times contradicting himself about his own tariff plans.
As market turbulence rattled some Washington lawmakers, U.S. President Donald Trump's closest advisers fanned out to TV news programs Tuesday to claim a link between economywide tariffs on Canada and Mexico and fentanyl trafficking. The president's executive order hitting Canada and Mexico with 25 per cent across-the-board tariffs, with a lower 10 per cent levy on Canadian energy, took effect Tuesday.
With the Liberal party set to announce its new leader within days, Prime Minister Justin Trudeau says his last day in office will be determined by himself and his replacement. Responding to questions about U.S. President Donald Trump's tariffs at a press conference today, Trudeau says a conversation will take place to decide how long of a transition the government needs.
Prime Minister Justin Trudeau says the U.S. has launched a "dumb" continental trade war and Canada is fighting back. He said Canada is immediately introducing 25 per cent retaliatory tariffs on $30 billion worth of American products, and will expand them to cover another $125 billion in U.S. goods in 21 days.
Prime Minister Justin Trudeau has said Canada's response will include retaliatory tariffs on $155 billion worth of American goods. That will include tariffs on $30 billion worth of goods immediately and tariffs on the remaining $125 billion worth of American products 21 days later.
Canada's building industry says a trade war with the United States will slow down the pace of home construction. Canadian Home Builders' Association CEO Kevin Lee says the U.S. tariffs levied against Canada today will have a "muted" impact on the industry on their own.
