Canadian Prime Minister Justin Trudeau has hit out at the tariffs announced by US President Donald Trump - calling them "a very stupid thing". Trump said he would go ahead with planned tariffs on Canada, Mexico and China, causing a widespread sell-off in US stock markets.
"Today, the United States has launched a trade war against Canada, its closest partner and ally, its closest friend. At the same time, they talk about positive cooperation with Russia, appeasing Vladimir Putin, a lying, murderous dictator. Make sense." Trudeau said.
"Now I don't tend to agree with the Wall Street Journal, but Donald, they point out that even though you're a smart guy, this is very stupid. Us two friends arguing is exactly what our opponents around the world are supposed to see."
Trudeau's comments came after Trump launched a trade war against three of America's biggest trading partners in Canada, China and Mexico. Canada and Mexico are facing 25% tariffs on their goods, while China will face 20% tariffs on imports. The move sparked immediate retaliation and caused global stock markets to fall as the US faces inflation and financial uncertainty for businesses.
Trudeau reported bythat his country will impose 25% tariffs on 155 billion Canadian dollars (CZK 102.1 billion) worth of US goods, with tariffs on 30 billion Canadian dollars (CZK 19.8 billion) worth of imports coming into force on Tuesday and the rest in 21 days.
"Our tariffs will remain in place until U.S. trade measures are withdrawn, and should U.S. tariffs not cease to apply, we are in active and ongoing discussions with the provinces and territories on several non-tariff measures," Trudeau said in a statement.
In the post on the Truth Social network, Trump warned that "until (Trudeau) imposes retaliatory tariffs against the US, our reciprocal tariffs will immediately increase by the same amount." Mexican President Claudia Sheinbaum said its country would respond to the new tariffs with retaliatory tariffs of its own. Sheinbaum said the products Mexico will target will be announced Sunday at a public event in Mexico City's central plaza, a delay that may signal hope for a de-escalation of the trade war Trump has unleashed.
China has signalled that it will impose additional tariffs of up to 15 % on imports of key US agricultural products, including chicken, pork, soy and beef, and further restrict trade with US companies.
Beijing is with US tariffs "strongly dissatisfied", reported by in a statement by the Chinese Ministry of Commerce and warned that "shall take countermeasures to protect its rights and interests".
As the US President promised voters, he is abandoning the free trade policy that the United States pursued for decades after the Second World War. Trump claims that open trade has cost America millions of factory jobs and that tariffs are the path to national prosperity. He rejects mainstream economists who argue that such protectionism is costly and ineffective. Import taxes are "a very powerful weapon that politicians didn't use because they were either dishonest, stupid, or it paid off in some other form," Trump said Monday at the White House. "And we're using them now."
euronews/ gnews.cz - RoZ
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