Trump official hints at tariff relief for Canada after Trudeau retaliation
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Canada's Prime Minister Justin Trudeau speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada September 16, 2024. — Reuters
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A senior US official advised that President Donald Trump could reduce taxes on Canada and Mexico this week, while Canadian Prime Minister Justin Trudeau focused on China just hours after attacking Washington’s trade policies.
Howard Lotank told Fox Business, “I think he’s going to work with them.”
“The result will be anywhere in the middle,” he added.
Earlier in a day, a sharp Trudeau accused Trump of deliberately trying to destabilize the Canadian economy so that the United States would make it easier to affiliate with its northern neighbor. He also criticized the White House for aggressively targeting the allies in Ukraine’s actions in Ukraine.
Trump initially announced 25 % taxes on Canada and Mexico imports in February, and cited his alleged failure to prevent illegal immigration and drug trafficking before temporarily stopped the move. On Tuesday, he claimed that these issues had made insufficient progress, restored the prices.
In response, Canada immediately implemented revenge rates, indicating that Trump was threatening to further increase while making fun of Trudeau’s leadership.
The markets are roaming as soon as trade stress increases
Interests over severe trade disputes have messed up global markets, in which major Wall Street indexes are constantly slipping on the second day. Clean revenue affects a wide range of goods imported from Canada and Mexico, including essential items like Aukados and wood used in US home construction.
The provinces of Canada have promoted their economic reaction, as part of a cohesive national effort to back down Trump’s trade measures, banning multiple alcohol products.
Meanwhile, Trump has increased tensions with China by signing an order to increase the current rates from 10 % to 20 %, which is further pressure between the world’s two largest economies. In response, Beijing condemned the “unilateral implementation of taxes” and lodged a complaint with the World Trade Organization. China also announced 10-15 % of revenue on various US agricultural products, including soybean and chicken, and suspended US wood imports.
Experts have warned that prices may increase inflation
Economic analysts and business leaders have raised concerns that rising import costs will increase prices for consumers, which will complicate potential efforts to control inflation-an important issue of Trump’s re-election campaign.
According to the US Department of Agriculture, its effect can be particularly severe in grocery stores, as 63 % of US vegetable imports in Mexico and about half of its fruits and nut imports are provided.
In an interview to CNBC, Brian Cornell, CEO of the target, said, “If there is 25 % tariff, those prices will rise.”
Similarly, Shipping Vishal Mirsk’s North American president, Charles Van Derr Stein, warned that the revenue “inflation in their essence”, and that costs would inevitably increase the same for business and consumers.
According to the National Association of Home Builders, the housing market is also likely to realize the tension, with more than 70 % of the major buildings – softwood Lamber and Gypsum – Canada and Mexico. Truck drivers reported delays and obstacles in Oota Massa Border Crossing in Mexico when they tried to move the goods to the United States.
Canada has pledged to fight ‘bitter end’
On Tuesday, $ 30 billion in US imports were applied to Canada’s 25 % of revenue, Trudeau confirmed that if necessary, they would be covered another $ 125 billion in 21 days.
“Canadians are reasonable,” he said. We are humble. ” “But we will not back down from any fight.”
Addressing Trump directly, Trudeau reaffirmed his belief that while the US president is a “smart man”, but his trade strategy “is a lot of dumb work.”
Meanwhile, China pledged to fight the US trade war “bitter end”, with its prices implemented next week, with US exports impact tens of billions of dollars. The Chinese Foreign Ministry also announced the suspension of US wood imports and stopped the delivery of soybeans from three major US exporters.
