Roommates, the word “war” has been floating around President Donald Trump lately. Last week, he openly accused Ukraine’s president of instigating a “WWIII.” But this week, Trump’s tariffs policy on Canada, Mexico, and China has sparked a lil’ trade war among our allies. Each of those countries is now enforcing its own tariffs against the United States, and they’re reportedly worth billions.
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U.S. Reportedly Sparks Trade War By Doing THIS
Just after midnight on Tuesday (March 4), Trump imposed 25% taxes, or tariffs, on Mexican and Canadian imports, per AP. However, tariffs on Canadian energy were limited to 10%. Meanwhile, Trump also doubled the tariff he slapped last month on Chinese products to 20%.
As he promised voters, the U.S. president is abandoning the free trade policies the United States pursued for decades after World War II. Trump argues that open trade costs America millions of factory jobs. The president also says tariffs are the path to national prosperity. He rejects mainstream economists who predict that his tariffs move is costly and inefficient.
Import taxes are “a very powerful weapon that politicians haven’t used because they were either dishonest, stupid or paid off in some other form,” Trump said Monday at the White House. “And now we’re using them.”
The Canada and Mexico tariffs were supposed to begin in February, but Trump agreed to a 30-day suspension to negotiate further. The tariffs are intended to address drug trafficking and illegal immigration. Both countries say they have made progress on those issues. But Trump has also said the tariffs will only come down if the U.S. trade imbalance closes, a process unlikely to be settled on a political timeline.
How Canada, Mexico, & China Impose Tariffs Too!
Canada’s Prime Minister Justin Trudeau said they’re taking it THERE with President Donald Trump and his policy. His country plans to plaster tariffs on more than $100 billion of American goods. He also confirmed it will happen over 21 days.
“Today the United States launched a trade war against Canada, their closest partner and ally, their closest friend. At the same, they are talking about working positively with Russia, appeasing Vladimir Putin, a lying, murderous dictator. Make that make sense,” Trudeau said.
Trudeau said Canada would impose 25% tariffs on $107 billion U.S. worth of American goods. This will go into effect immediately, affecting about $21 billion in goods first and the remaining amount in three weeks.
“Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,” Trudeau said.
