In a growing trade standoff, Canada is preparing to impose retaliatory tariffs on U.S. products following U.S. President Donald Trump’s decision to slap a 25% tariff on Canadian goods.
This could potentially spark a full-blown trade war between the two nations, leading to higher prices for goods around the world.
Sources in the Canadian government told CNN that this move is not just about taxes but sending a strong political message to President Trump.
Canada is targeting products that have a major impact on the U.S. economy, such as bourbon, Jack Daniel`s whiskey, various furniture items, ceramics, steel, orange juice, and pet food.
Some Canadian officials have hinted that, if the trade dispute intensifies, Canada might also consider placing tariffs on U.S. energy exports, as the U.S. is a significant supplier of energy to Canada.
Canada’s Foreign Minister, Mélanie Joly, emphasized the seriousness of the situation, saying, “We must be ready for a tariff war. We need to take President Trump’s remarks seriously.” She also warned that President Trump and his advisers should consider the potential consequences if they proceed with imposing tariffs on Canadian products.
In addition, Goldy Hyder, the CEO of the Business Council of Canada, shared that Canadian businesses are already preparing for a possible trade conflict with the U.S. after receiving instructions from the government to provide feedback on retaliatory tariffs.
This escalating tension between the two nations could have far-reaching effects on the global economy, with consumers on both sides of the border possibly feeling the pinch.
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