3 hours ago
Last Updated:March 04, 2025, 10:17 IST
Canadian Prime Minister Justin Trudeau stated that the tariffs will remain in place until the US trade action is withdrawn.
Donald Trump and Justin Trudeau had been at loggerheads for some time, with both sides imposing tariffs. (Reuters/File Image)
As the high tariffs imposed by US President Donald Trump on goods from Mexico and Canada is set to take effect from Tuesday, Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on US goods. Canada has announced that it will impose retaliatory tariffs on US goods worth $107 billion (155 billion Canadian dollars) from Tuesday.
Outgoing Canadian Prime Minister Justin Trudeau, in an attempt to avert the high tariffs of the United States, said that the country would impose 25 per cent tariffs on US goods worth 30 billion Canadian dollars from Tuesday if the Trump administration goes through with its plan, reported news agency Reuters.
The retaliatory tariffs on the remaining C$125 billion will be enforced after 21 days, according to Trudeau’s statement.
“Today, after a 30-day pause, the United States administration has decided to proceed with imposing 25 per cent tariffs on Canadian exports and 10 per cent tariffs on Canadian energy. Let me be unequivocally clear – there is no justification for these actions," Trudeau added.
The Canadian Prime Minister further stated that the tariffs will remain in place until the US trade action is withdrawn.
Trump Locks In Canada, Mexico Tariffs
Giving a green signal for the start of the regional tariff war, Trump said 25 percent tariffs on goods from Mexico and Canada will take effect from Tuesday. The tariffs are scheduled to take effect at 12:01 a.m. EST on Tuesday, the Trump administration confirmed in Federal Register notices.
In view of the ongoing tariff war dampened by US President Donald Trump’s decision, Indian stock markets also saw a dip on Tuesday.
The imposition of tariffs also triggered a sell-off in global stocks and pushed bond yields lower on Monday. Notably, Trump’s Monday comments triggered a fall in the Mexican peso and Canadian dollar.
Mexico To Go Ahead With Backup Plan
Mexico has also braced itself ahead of the imposition of the tariffs announced by the United States, stating that it has back-up plans. Without giving much details, Mexico President Claudia Sheinbaum on Monday said that the “country was prepared" in case the US slaps tariffs on it on Tuesday.
“We have a plan B, C, D," Sheinbaum as saying by Reuters.
Location :Canada
First Published:March 04, 2025, 10:12 IST
News world Canada Hits Back At US With Retaliatory Tariffs, Mexico Prepares Plan B As Trump Walks The Talk
