OTTAWA – Canadian government comes up with retaliatory tariffs that could lead to job losses and even more inflation in response to the new tariffs imposed by the United States.
The first phase, which targets $30 billion in American goods, comes into effect in retaliation against what PM Justin Trudeau calls ‘unjustified tariffs’ imposed by Trump-led administration.
Prime Minister Justin Trudeau has pledged government support to help businesses cope with the economic impact. Canadian countermeasures could expand to include additional products worth $125 billion, with public consultation period for the new list. Canada’s decision follows a long-standing and successful trade relationship with the neighboring US and aims to push Washngton to look into tariff policies.
Canadian government also stressed that while it seeks to resolve this issue, it will explore all possible measures to counteract tariffs, including other options. The impact of these tariffs on both economies could lead to increased costs for Americans, with potential job losses and disruptions in trade.
Trudea-led government emphasized that while it seeks to resolve this issue, it will explore all possible measures to counteract the tariffs, including non-tariff options. The tariffs will impact several sectors, including agriculture and manufacturing, and automotive industry.
Experts warn that rising prices and disruptions in trade will harm consumers and businesses on both sides of the border. As the trade conflict intensifies after change of power in US, global economic implications are feared.
Canada and Mexico are heavily reliant on trade with America, and the tariffs could lead to production delays, and higher consumer prices.
Trudeau already announced resignation after almost a decade in office. He will remain as prime minister until the Liberal Party elects a new leader, with parliament being suspended this month. His resignation comes after departure of Deputy PM who criticized Trudeau’s handling of threats from US President-elect Donald Trump regarding tariffs.
Trump’s trade war intensifies as Canada, China, Mexico vow retaliatory tariffs
