Canada to Retaliate Against US Tariffs, But Will Wait Until Next Week
Prime Minister Mark Carney announced on Thursday that Canada will wait until next week to respond to the latest US threat of tariffs. He warned Canadians that tough times lie ahead and lamented the end of a long and mutually beneficial economic and security relationship with the United States.
"We will fight the US tariffs with retaliatory trade actions of our own that will have maximum impact in the United States and minimum impacts here in Canada," Carney said at a press conference.
A trade war would be extremely damaging for Canada, which sends 75% of its exports to the United States. Carney said he would speak to provincial premiers and business leaders on Friday to discuss a coordinated response to the auto sector tariffs that US President Donald Trump announced on Wednesday.
"It doesn't make sense when there's a series of US initiatives that are going to come in relatively rapid succession, to respond to each of them. We're going to know a lot more in a week, and we will respond then," he said.
"Nothing is off the table to defend our workers and our country," said Carney. One option for Canada is to impose excise duties on exports of oil, potash, and other commodities.
5 Comments
Noir Black
This is going to devastate the Canadian economy. We rely too heavily on the US for trade. We need to diversify our economy, and fast.
Katchuka
This is just a political stunt by Trudeau to make himself look tough. He doesn't actually care about the people who are going to be hurt by this.
Eugene Alta
I'm so disappointed in Canada's response. We should be leading the fight against Trump's protectionism, not caving in to him.
BuggaBoom
This is a disaster for Canada. We're going to lose thousands of jobs and millions of dollars because of this.
Loubianka
This is a reminder that we need to be prepared for anything. The world is a changing place and we need to be ready to adapt.