
AUBURN HILLS, MICHIGAN - OCTOBER 18: Republican presidential nominee, former U.S. President Donald Trump, attends a roundtable discussion with community members on October 18, 2024, in Auburn Hills, Michigan. There are 17 days remaining until the U.S. presidential election, which will take place on Tuesday, November 5, 2024. (Photo by Win McNamee/Getty Images)
TRADE WAR ESCALATES: CANADA, MEXICO RETALIATE AGAINST US TARIFFS AMID CHINA’S COUNTERMEASURES
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GREATRIBUNETVNEWS–Canada and Mexico, two of the US’s largest trading partners, have fired back with retaliatory tariffs in response to President Donald Trump’s steep taxes on imports. Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum announced the counter-tariffs on Saturday night, marking a significant escalation in the trade war .
Canada will impose 25% tariffs on $155 billion Canadian dollars (£85.9 billion) worth of US goods, with energy imports, including oil, natural gas, and electricity, taxed at 10%. The tariffs on $30 billion Canadian dollars (£16.6 billion) worth of American alcohol and fruit will take effect on Tuesday, while the remaining $125 billion Canadian dollars (£69.3 billion) will be implemented in 21 days.
Trudeau warned American consumers that the tariffs would have “real consequences,” leading to higher prices on groceries and other goods. Mexico’s President Sheinbaum also vowed to impose retaliatory tariffs, while China has promised countermeasures, further fueling the trade tensions .