Sun, 02 Feb 2025

Canada imposes 25% tariffs in trade war with US

Canada announces retaliatory tariffs against the US, in a move that is likely to be costly for both nations.

* Canada has announced retaliatory tariffs against the US, with a 25% levy on $106.6bn worth of American goods.
* The tariffs will affect items such as: + Beer and wine + Household appliances + Sporting goods + Furniture + Lumber + Plastics + Clothing and shoes + Perfumes + Fruits and fruit juices + Vegetables + Bourbon
* The tariffs are in response to the US's 25% levy on Canadian imports, as well as a 10% tariff on Chinese goods.
* Prime Minister Justin Trudeau said Canada will not back down and warned of real consequences for people on both sides of the border.
* Economists warn that the trade war could lead to higher prices and job losses for consumers in all three countries.
* The tariffs are part of US President Donald Trump's economic vision, aimed at growing the US economy and protecting jobs.
* Canada, Mexico, and the US have deeply integrated economies, with an estimated $2bn worth of manufactured goods crossing borders daily.
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