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Business News of Wednesday, 5 March 2025

    

Source: www.ghanawebbers.com

Trudeau condemns Trump’s tariffs, vows retaliation

Canadian Prime Minister Justin Trudeau Canadian Prime Minister Justin Trudeau

Canadian Prime Minister Justin Trudeau has criticized Donald Trump’s 25% tariffs on Canadian and Mexican imports, calling them a "very dumb thing to do." He announced reciprocal tariffs on US exports, warning of economic consequences for both nations.

Trump, via Truth Social, dismissed Canada’s response, threatening further tariff hikes. Trudeau accused him of attempting to weaken Canada for annexation, declaring, "We will never be the 51st state."

Experts warn that the tariffs could increase consumer prices and disrupt North American supply chains, particularly in auto manufacturing. Canada's retaliatory tariffs, worth C$155 billion, will roll out in phases. A million Canadian jobs are at risk, per Immigration Minister Marc Miller.

Mexican President Claudia Sheinbaum also denounced the move, pledging countermeasures.