Canada hits US with 25% counter tariffs, warns US of grave consequences
PTC News Desk: Canadian Prime Minister Justin Trudeau announced that his government would impose 25 percent tariffs on American goods worth 155 billion Canadian dollars in response to US President Donald Trump's decision to levy 25 percent tariffs on all imports from Canada, starting Tuesday.
"These tariffs violate a free trade agreement that was negotiated a few years ago. They will have significant consequences for the American people. This will include immediate tariffs on C$30 billion worth of goods beginning Tuesday, followed by additional tariffs on C$125 billion worth of American products in 21 days," he said during a news conference late Saturday.
#WATCH | "...I am announcing that Canada will be responding to the US trade action with 25% tariffs against American goods worth $155 billion, this will include immediate tariffs on American goods worth $30 billion as of Tuesday followed by further tariffs on goods worth $125… pic.twitter.com/B4F6vsaylv — ANI (@ANI) February 2, 2025
Earlier on Saturday, Trump signed an executive order imposing a 10 percent duty on all imports from China and a 25 percent tariff on imports from Mexico and Canada. However, energy imports from Canada, including oil, natural gas, and electricity, would be taxed at a 10 percent rate.
The order also includes provisions to increase tariffs if the affected countries retaliate against the US. This move, however, threatens to lead to an economic standoff with Mexico and Canada, America's two largest trading partners, and could potentially worsen inflation significantly.
- PTC NEWS