Business News of Tuesday, 15 April 2025
Source: www.ghanawebbers.com
Prime Minister Justin Trudeau criticized Donald Trump's new tariffs on Canada. He called it a "very dumb thing to do." Trudeau promised a "relentless fight" to protect Canada's economy.
Trump has imposed 25% tariffs on products from Canada and Mexico. He also increased tariffs on goods from China.
In response, Trudeau announced retaliatory tariffs on US exports. He warned that a trade war would be costly for both countries.
Trump responded on Truth Social, saying: "When he puts on a Retaliatory Tariff, our Reciprocal Tariff will increase!"
Trudeau accused Trump of wanting to cause "a total collapse of the Canadian economy." He stated this would make it easier to annex Canada.
He firmly declared, "We will never be the 51st state." Trudeau emphasized the need to hit back hard against these measures.
His main goal is to lift the tariffs quickly so they don't last long. Trump claims he is protecting US jobs and manufacturing with these tariffs.
He also aims to prevent illegal migration and drug trafficking. Trump blames other countries for the arrival of fentanyl in the US.
Trudeau countered that there is "no justification" for the new tariffs. Less than 1% of fentanyl intercepted at the border comes from Canada.
Mexican President Claudia Sheinbaum echoed Trudeau's sentiments. She said there was "no motive, no reason, no justification" for Trump's actions. She plans to announce her own measures soon.
Experts warn that Trump's tariffs may raise prices for consumers in both countries. The three targeted nations are America's top trading partners, raising fears of a wider trade war.
Tariffs are taxes on imports meant to protect local businesses and jobs. Canada's retaliatory measures include a 25% tariff on C$155 billion (US$107 billion) of American goods.
A tariff on C$30 billion worth of goods will take effect immediately. Tariffs on an additional C$125 billion will start in 21 days.
Canada's Immigration Minister Marc Miller warned about job losses due to these tariffs. He noted that up to one million jobs could be at risk because trade is so interconnected between the two countries.
Miller said, "We can't replace an economy responsible for 80% of our trade overnight." This situation will hurt many Canadians economically.
Joel Soleski, a car manufacturing employee in Ontario, expressed concern about layoffs. He recently bought his first house and might have to look for work elsewhere.
The auto sector could face significant impacts from these new tariffs. Car parts often cross the US-Canada border multiple times during production and may incur taxes each time.
Ontario Premier Doug Ford predicted assembly plants would shut down due to these tariffs. He spoke about potential job losses affecting both sides of the border.