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Top Canadian ministers announced on Monday that Canada was prepared to retaliate following US President Donald Trump's consideration of a 25% tariff on Canada and Mexico starting February 1.
Canadian Foreign Minister
Mélanie Joly
said that efforts were on to 'prevent tariffs,' but confirmed that Canada was "working on retaliation" if necessary.
In his inaugural address, Trump vowed to impose tariffs, claiming foreign countries would bear the costs—despite the fact that such taxes are paid by domestic importers and often passed on to consumers.
"We're thinking in terms of 25% on Mexico and Canada," Trump said in the Oval Office. "I think February 1st," he added.
Further, Canadian finance minister Dominic LeBlanc said that the country was "ready to respond".
"None of this should be surprising," he said. "Our country is absolutely ready to respond to any one of these scenarios."
"It would be a mistake for the American government to proceed with imposing tariffs, in terms of the cost living in the United States, in terms of jobs in the United States and the security of supply chains," he added.
Canadian leaders expressed relief that tariffs were not imposed on President Trump’s first day in office. As one of the world’s most trade-dependent nations, with 75% of its exports—including automobiles and parts—going to the US, Canada relies heavily on cross-border trade.
The US is also Canada’s largest trading partner, with $2.7 billion worth of goods and services exchanged daily, making Canada the top export destination for 36 US states.
English (US) · 