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2w ago

Canada's Justin Trudeau announces retaliatory tariffs following Trump's executive order

www.nbcnews.com Canada's Justin Trudeau announces retaliatory tariffs following Trump's executive order

The Canadian prime minister said he would implement a 25% tariff on $155 billion in U.S. goods.

Summary

Trump signed an executive order imposing 25% tariffs on Canadian and Mexican imports—excluding Canadian energy at 10%—plus additional duties on Chinese products.

In response, Prime Minister Justin Trudeau announced a 25% duty on $155 billion in U.S. goods, beginning with $30 billion in tariffs Tuesday.

Mexican President Claudia Sheinbaum indicated reciprocal tariffs, rejecting claims that Mexico tolerates criminal groups trafficking fentanyl and insisting on respect for sovereignty.

Experts warn these tit-for-tat measures could drive up costs, disrupt supply chains, and mirror the previous U.S.-China trade war, possibly harming security.

News @lemmy.world

return2ozma @lemmy.world

2w ago

Canada, Mexico and China slam Trump's tariffs

www.nbcnews.com /politics/donald-trump/trudeau-retaliatory-tariffs-canada-us-trump-rcna190314

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Economy @lemmy.world

cyrano @lemmy.dbzer0.com

2w ago

Canada's Justin Trudeau announces retaliatory tariffs following Trump's executive order

www.nbcnews.com /politics/donald-trump/trudeau-retaliatory-tariffs-canada-us-trump-rcna190314

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United States | News & Politics @midwest.social

cyrano @lemmy.dbzer0.com

2w ago

Canada's Justin Trudeau announces retaliatory tariffs following Trump's executive order

www.nbcnews.com /politics/donald-trump/trudeau-retaliatory-tariffs-canada-us-trump-rcna190314

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70 comments

As tariffs hurt the importing country, not the exporting country I think that it’s odd that Canada would punish their own citizens in retaliation.
They should have added a 25% export tax on energy seeing as Trump clearly didn’t want to pay more for his imported energy.
- If you heard the speech the fact that they are giving time for the full set of Tariffs mean we have a small set (booze) we are willing to cut right away. Ie. Jack Daniels is no longer on store shelves. Orange juice is no longer on store shelves.
  The extra time is for Canadian companies to find alternative (non-American) suppliers. They may be more to import due to distance/time but less impact on tariffs and potentially still more cost at the end for consumers but at the same time not American goods.
  The intention is to ween us off your teat.
  I don't think Americans realize that long term this is not good for you. Once new trade routes come in, it's going to be hard for you to get those partnerships back on account of you showing yourselves as a horrible business partner.
  Canada will hurt in the short term but we will be stronger in the long run.
  The only thing I'm worried about now is a full on American invasion and I fear that's on the table.
  
  I don’t think Americans realize that long term this is not good for you
  Of course we do, or half of us do. The other half just want to bully someone and chant “USA! USA!”
  So far I’m hoping there’s a pattern of “doing something spiteful that will harm ourselves, but moving onto the next thing at the first hint of resistance”. The new administration is just doing a speed run of scapegoats and might be on to the next before you can say “WTF”. I’m hoping the booze will be enough: hurt jack daniels right in maga country, until we’re back to focussing on abusing immigrants and people who speak Spanish
- As tariffs hurt the importing country, not the exporting country
  They very obviously hurt both so long as there's any demand elasticity and especially when there are alternatives sources for the products .
  
  Explain how demand elasticity affects both countries please. I expect Trump uses these tariffs as a scare tactic for countries who depend greatly on exports to America, but i don't know how elasticity of demand plays in.
  
  Tariffs will drive the prices upward but consumers will still be compelled to make those purchases for a time, which is to say that they will just bite the cost because the alternative is less desirable. This demonstrates a lack of equilibrium between price and demand. In a non-elastic scenario, the rise in price would directly correlate to a decrease in demand.
  
  So, is Canada going to import what it gets from the US (it's only geographic neighbour) from elsewhere?
  If the answer is "no, not without at least a 26% jump in cost" then the tariff is a bad response.
  
  Would you rather us bend over and take it?
  Fuck America. You asked for this. Reap what you sowed. Unlike your trifling ass back home we are unified here. You have made us stronger as a nation.
  
  Bend over and take what? Trumps declarations have no effect on Canada.
  Canadians pay Canadian tariffs on US imports. Trump is fucking America already with his tariffs. Canada mirroring them gives Trump what he wants.
  
  Please find an adult and ask them to explain general economics to you and in the meantime look up the impact of tariffs and trade wars.
  Canada doing nothing gives Trump what he wants. Fighting back with our own Tariffs is the next step. Make no mistake this is a war. Not all war is fought with guns.
  
  this is a war
  This is one persons tantrum. One person with way too many weapons.
  
  Yes and that 1 person declared war.
  
  I'll explain it for you. When the US government imposes a 25% tariff on Canadian goods, the cost to US consumers increases by 25%. Now, every other global supplier that was 1% - 24% more expensive gets the business that used to be Canadian revenue. So, Canadians lose US customers. We both lose.
  If you want further reasoning on why this is bullshit, the "small government, lower your taxes" Republican government are the ones collecting the 25% tariff that is paid. It is a additional tax with no promise of social support. Do you think Trump will use that additional revenue to issue small business grants or to subsidize the businesses of the oligarchs in his administration?
  Now, when people say stupid things like, "Canada imposing tariffs only hurts Canadians" it is very obviously 100% reciprocal. The retaliatory tariffs are meant to put the pressure on US exporters to put the pressure on their government to end the trade war. A few key points on the Canadian tariffs:
  They match number set by Trump. They are not escalating.
  They have a definitive and reasonable end. Remove the tariffs and our tariffs will also be removed. Not "stop all fentanyl smuggling" (maybe try having fewer US fentanyl users, huh? That's meant to be sarcastic. Obviously this is a problem for both countries that we both take seriously.)
  They are strategic in ramping up the scope of the tariffs which begin with things like food consumables which are easy to forego before increasing to more industrial products which businesses, industries, peoples livelihoods and lives can depend on. This gives Canadian businesses time to prepare and negotiate overseas trade and gives America time to roll back the tariffs instead of knocking out the whole supply chain. Remember how fucked the global economy was when one boat got stuck in the Suez Canal for a couple of days? Obviously this isn't as big as that, but that disruption lasted months, years even. Sweeping, full-stop tariffs like the US tariffs are going to have ripple effects that last for months even if they're rescinded by the end of the week.
  Finally, to address the argument that the tariffs will strengthen the US manufacturing economy, I will refer back to my point about the government using the tariff income to subsidize American businesses. Small businesses are not (and frankly cannot) replace entire Canadian (and Mexican) industries within a couple of months. That money is not going back into the economy. The US oligarchy, the massive monopolistic industry giants, are the only ones that are going to spring up and, chiefly, profit off this whole debacle. And that's by design.
  
  Living through Brexit, I get all this.
  It all only holds if there are alternative suppliers that are cheaper than the new escalated price for the goods you placed tariffs on. Canada and the US have the (mis)fortune to have extremely easy transportation of goods between them, but expensive transportation of good to/from anywhere else. That's the geography and there's no getting away from it, just like the UK can't float away from Europe. America isn't going to stop importing (to imagine a bullshit example) lumber from Canada because shipping it from anywhere else is impractical and domestic supply won't be able to deal with the shortfall. Similar for Canada.
  Both sides are engaging in massive acts of self harm, and Canada trying to go punch for punch isn't a winning strategy. Canada has to respond in a smarter way than a reflexive mirroring move.
  
  Canada has to respond in a smarter way than a reflexive mirroring move
  I'm all ears
  
  Bend over and take what? Trumps declarations have no effect on Canada.
  An amazing statement. Truly one of the statements of all time. American tariffs make Canadian exports to Canada less desirable, this very obviously affecting Canada, the sectors of the economy that create those goods, and the workers therin. I don't even understand how you can type this. Literally just imagine the same sale of goods with and without a tariff.
- The US President imposes taxes on Canadian imports that US citizens will have to pay. In response, the Canadian Prime Minister retaliates with taxes on US imports that Canadians will have to pay.
  Basically, both just want to raise taxes.
  
  Y'know, except for the part where Trudeau is saying it shouldn't be this way and free trade is beneficial to both economies... but yeah, it's both sides that are doing this for malicious self interest.

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