( NYPost )
Canadian Prime Minister Justin Trudeau announced Monday he’s ready to escalate the trade war with President Trump if the US leader moves forward with 25% tariffs on products from the northern nation at midnight.
Trudeau called America’s impending action against Canada “unjustified” and vowed to not let it go “unanswered.”
He said if American tariffs begin, Canada will retaliate with 25% tariffs against $155 billion in American goods also at midnight — starting with $30 billion worth of products right away and tariffs on the remaining $125 billion over a 21-day span.
“Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,” Trudeau said in a statement.
Trump told reporters at the White House earlier Monday that 25% tariffs would be slapped on products from Canada and Mexico at midnight following a 30-day pause on the action.
There would also be a 10% tariff on Canadian energy.
Trump said there was “no room left for Mexico or for Canada” to make a deal to avoid the steep trade taxes.
“No, the tariffs, you know, they’re all set. They go into effect tomorrow,” he said earlier Monday.
The president claimed the tariffs were a way to force the two nations to better combat the flow of fentanyl into the US and stop illegal immigration.
“So you understand, vast amounts of fentanyl have poured into our country from Mexico, and as you know, also from China, where it goes to Mexico and goes to Canada,” he said.
Trump, 78, has also said he wants to wipe away the trade imbalance between the US and the other two countries while pushing for more factories to relocate to the US.
But the looming measures from Trump shook up the stock market, with the S&P 500 index down 2% in Monday afternoon trading.
Trudeau, 53, warned that if the tariffs go into effect, Americans would need to cough up more cash for everyday products.
“Americans will pay more for groceries, gas, and cars, and potentially lose thousands of jobs. Tariffs will disrupt an incredibly successful trading relationship,” he said.
The Canadian leader also said the country has worked strenuously to clamp down on fentanyl trafficking, though he noted it’s a bigger problem at the US-Mexico border than the northern border.
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