BlueHammer85
Well-Known Member
- Joined
- 13 Oct 2010
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Feel this deserves a separate thread, but delete if you like.
Seems Trumps tariffs could have big consequences on the US and globally. Canada and Mexico have hit back
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Canada and Mexico have hit back with retaliatory tariffs on President Donald Trump's steep tax on goods imported from its neighbours.
Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum both announced the counter-tariffs on Saturday night.
Mr Trudeau said Canada would impose 25% tariffs on $155bn Canadian dollars (£85.9bn) of US goods in response to Trumps 25% tariffs on goods. Energy imported from Canada, including oil, natural gas and electricity, would be taxed at a rate of 10%.
Mr Trudeau opened his speech with a passionate message aimed at American consumers.
"It will have real consequences for you, the American people," he said, saying it would result in higher prices on groceries and other goods.
The outgoing prime minister channelled the views of many Canadians who feel betrayed by their neighbour and longtime ally.
Mr Trudeau reminded Americans that Canadian troops fought alongside them in Afghanistan and helped them respond to domestic crises including the wildfires in California and Hurricane Katrina.
Mr Trump said on social media that the tariffs - a longstanding campaign promise - were necessary "to protect Americans".
But the taxes may throw the global economy into turmoil and significantly worsen inflation in the US - which has already increased the prices of groceries, fuel, housing, cars and other goods.
A new analysis by the Budget Lab at Yale University found that the average US household would lose the equivalent of $1,170 US dollars (£944) in income from the tariffs. The research also found that economic growth would slow and inflation would worsen - especially if Canada, Mexico and China retaliate.
"It doesn't make much economic sense," said William Reinsch, senior adviser at the Centre for Strategic and International Studies and a former US trade official.
Seems Trumps tariffs could have big consequences on the US and globally. Canada and Mexico have hit back
+++
Canada and Mexico have hit back with retaliatory tariffs on President Donald Trump's steep tax on goods imported from its neighbours.
Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum both announced the counter-tariffs on Saturday night.
Mr Trudeau said Canada would impose 25% tariffs on $155bn Canadian dollars (£85.9bn) of US goods in response to Trumps 25% tariffs on goods. Energy imported from Canada, including oil, natural gas and electricity, would be taxed at a rate of 10%.
Mr Trudeau opened his speech with a passionate message aimed at American consumers.
"It will have real consequences for you, the American people," he said, saying it would result in higher prices on groceries and other goods.
The outgoing prime minister channelled the views of many Canadians who feel betrayed by their neighbour and longtime ally.
Mr Trudeau reminded Americans that Canadian troops fought alongside them in Afghanistan and helped them respond to domestic crises including the wildfires in California and Hurricane Katrina.
Mr Trump said on social media that the tariffs - a longstanding campaign promise - were necessary "to protect Americans".
But the taxes may throw the global economy into turmoil and significantly worsen inflation in the US - which has already increased the prices of groceries, fuel, housing, cars and other goods.
A new analysis by the Budget Lab at Yale University found that the average US household would lose the equivalent of $1,170 US dollars (£944) in income from the tariffs. The research also found that economic growth would slow and inflation would worsen - especially if Canada, Mexico and China retaliate.
"It doesn't make much economic sense," said William Reinsch, senior adviser at the Centre for Strategic and International Studies and a former US trade official.
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