{"id":5069,"date":"2025-03-05T18:02:08","date_gmt":"2025-03-06T02:02:08","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=5069"},"modified":"2025-03-05T18:02:28","modified_gmt":"2025-03-06T02:02:28","slug":"trumps-trade-war-draws-swift-retaliation-with-new-tariffs-from-mexico-canada-and-china","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=5069","title":{"rendered":"Trump\u2019s trade war draws swift retaliation with new tariffs from Mexico, Canada and China"},"content":{"rendered":"\n

 President Donald Trump launched a trade war<\/a> Tuesday against America\u2019s three biggest trading partners<\/a>, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin<\/a> as the U.S. faced the threat of rekindled inflation and paralyzing uncertainty for business.<\/p>\n\n\n\n

Just after midnight, Trump imposed 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy. Trump also doubled the tariff he slapped last month on Chinese products to 20%.

In an address to Congress Tuesday night, Trump repeated two different explanations for his tariffs on Canada and Mexico. He cited the trade deficits the U.S. has with both countries, but also said, \u201cthey\u2019ve allowed fentanyl to come into our country at levels never seen before, killing hundreds of thousands of our citizens.\u201d<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Trump also acknowledged there could be \u201ca little disturbance\u201d from the tariffs, a possible nod to the stock market\u2019s sharp falls in the past two days as well as concerns about inflation.<\/p>\n\n\n\n

\u201cIt may be a little bit of an adjustment period,\u201d he said after claiming that farmers would benefit from reciprocal tariffs on countries that have tariffs on U.S. exports. \u201cYou have to bear with me again and this will be even better.\u201d

Canadian Prime Minister Justin Trudeau said his country would plaster tariffs<\/a> on over $100 billion (U.S. dollars) of American goods over the course of 21 days.<\/p>\n\n\n\n

\u201cToday the United States launched a trade war against Canada, their closest partner and ally, their closest friend. At the same time, they are talking about working positively with Russia, appeasing Vladimir Putin, a lying, murderous dictator. Make that make sense,\u201d Trudeau said.

Later in the day, Commerce Secretary Howard Lutnick said the U.S. would likely meet Canada and Mexico \u201cin the middle,\u201d with an announcement coming as soon as Wednesday.<\/p>\n\n\n\n

Lutnick told Fox Business News that the tariffs would not be paused, but that Trump would reach a compromise.

\u201cI think he\u2019s going to figure out, you do more, and I\u2019ll meet you in the middle in some way,\u201d Lutnick said.<\/p>\n\n\n\n

A Canadian senior government official said Lutnick called Ontario Premier Doug Ford after Ford\u2019s press conference and asked him to stand down. The official, who spoke on condition of anonymity because they were not authorized to speak publicly about the call, said Ford told the U.S. commerce secretary he\u2019ll go harder.<\/p>\n\n\n\n

The official said Lutnick told Ford that Trudeau\u2019s \u201cvery dumb\u201d comment and remarks by other Canadian officials were not helpful, but said Lutnick seemed to acknowledge the tariffs are a part of negotiation toward a trade deal.

A senior Canadian official said Trudeau told the premiers of Canada\u2019s provinces that he hopes to speak to Trump on Wednesday. The official spoke on condition of anonymity because they were not authorized to speak publicly about the call.<\/p>\n\n\n\n

Mexican President Claudia Sheinbaum said\u00a0Mexico will respond<\/a>\u00a0to the new taxes with its own retaliatory tariffs. Sheinbaum said she will announce the products Mexico will target on Sunday. The delay might indicate that Mexico still hopes to de-escalate Trump\u2019s trade war.

China indicated on Tuesday night that it would not back down.<\/p>\n\n\n\n

\u201cIf war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we\u2019re ready to fight till the end,\u201d China\u2019s embassy to the United States posted on X.<\/p>\n\n\n\n

The president is abandoning the free trade policies the United States pursued for decades after World War II. He argues that open trade cost America millions of factory jobs and that tariffs are the path to national prosperity. He rejects the views of mainstream economists who contend that such protectionism is costly and inefficient.<\/p>\n\n\n\n

Import taxes are \u201ca very powerful weapon that politicians haven\u2019t used because they were either dishonest, stupid or paid off in some other form,\u201d Trump said Monday. \u201cAnd now we\u2019re using them.\u201d

Dartmouth College economist Douglas Irwin, author of a 2017 history of U.S. tariff policy, has calculated that Tuesday\u2019s hikes will lift America\u2019s average tariff from 2.4% to 10.5%, the highest level since the 1940s. \u201cWe\u2019re in a new era for sure.\u201d<\/p>\n\n\n\n

As the trade disputes escalated, stocks racked up more losses<\/a> Tuesday on Wall Street, wiping out all the gains since Election Day for the S&P 500. Markets in Europe also fell sharply.<\/p>\n\n\n\n

The American president has injected a disorienting volatility into the world economy, leaving it off balance as people wonder what he will do next.

During his first term, Trump imposed tariffs<\/a> only after lengthy investigations \u2014 into the national security implications of relying on foreign steel, for example, said Michael House, co-chair of the international trade practice at the Perkins Coie law firm.<\/p>\n\n\n\n

But by declaring a national emergency involving the flow of immigrants and illicit drugs across U.S. borders, \u201che can modify these tariffs with a stroke of the pen,\u2019\u2019 House said. \u201cIt\u2019s chaotic.\u201d<\/p>\n\n\n\n

Democratic lawmakers were quick to criticize the tariffs.<\/p>\n\n\n\n

\u201cPresidents don\u2019t get to invent emergencies to justify bad policies,\u201d said Rep. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee. \u201cAbusing emergency powers to wage an economic war on our closest allies isn\u2019t leadership \u2014 it\u2019s dangerous.\u201d<\/p>\n\n\n\n

Even some Republican senators raised alarms. \u201cMaine and Canada\u2019s economy are integrated,\u201d said Sen. Susan Collins, R-Maine, explaining that much of the state\u2019s lobsters and blueberries are processed in Canada and then sent back to the U.S.<\/p>\n\n\n\n

Truck driver Carlos Ponce, 58, went about business as usual Tuesday morning, transporting auto parts from Ciudad Juarez, Mexico, to El Paso, Texas, just as he\u2019s done for decades.<\/p>\n\n\n\n

Like many on the border, he was worried about the fallout from the tariffs. \u201cThings could change drastically,\u201d Ponce said. Truckers could lose their jobs or have to drive farther to coastal ports as Mexican manufacturers look for trading partners beyond the U.S.<\/p>\n\n\n\n

Alan Russell, head of Tecma, which helps factories set up in places like Ciudad Juarez, is skeptical that Trump\u2019s tariffs will bring manufacturing back to the United States.<\/p>\n\n\n\n

\u201cNobody is going to move their factory until they have certainty,\u201d Russell said. Just last week, he said, Tecma helped a North Carolina manufacturer that moved to Mexico because it couldn\u2019t find enough workers in the United States.

U.S. businesses near the Canadian border scrambled to deal with the impact. Gutherie Lumber in suburban Detroit reached out Tuesday to Canadian suppliers about the cost of 8-foot wood studs. About 15% of the lumber at the Gutherie yard in Livonia, Michigan, comes from Canada.<\/p>\n\n\n\n

Sales manager Mike Mahoney said Canadian suppliers are already raising prices. \u201cThey\u2019re putting that 25% on studs.\u2019’ Builders will strain to stay within their budgets.<\/p>\n\n\n\n

After years of effort and thousands of dollars in investment, Tom Bard, a Kentucky craft bourbon distiller, gained a foothold in the Canadian provinces of British Columbia and Alberta and watched his sales grow north of the border. Now Kentucky bourbon is in Canada\u2019s crosshairs, and an order from his Canadian distributors is on hold.<\/p>\n\n\n\n

\u201cThat hurts,\u201d he said. At his small distillery \u201cevery single pallet that goes out the door makes a huge difference … The last thing you want is to have an empty spot where your bottles are supposed to be on a shelf.\u201d<\/p>\n\n\n\n

Bard co-owns the Bard Distillery with his wife, Kim, in western Kentucky\u2019s Muhlenberg County, about 135 miles (217 kilometers) southwest of Louisville, Kentucky.<\/p>\n\n\n\n

Trump overwhelmingly carried Kentucky in the November election. In Muhlenberg County, Trump defeated Kamala Harris by a more than 3-to-1 margin.<\/p>\n\n\n\n

The China tariffs also threaten the U.S. toy industry. Greg Ahearn, president and CEO of the Toy Association, said the 20% tariffs on Chinese goods will be \u201ccrippling,\u201d as nearly 80% of toys sold in the U.S. are made in China.

Rachel Lutz owns the Peacock Room, four women\u2019s boutique shops with about 15 employees in Detroit. She\u2019s been bracing for the tariffs but doesn\u2019t understand the logic behind them.<\/p>\n\n\n\n

\u201cI\u2019m struggling to see the wisdom in picking a fight with our largest trading partner that we\u2019ve had historically wonderful relationships with,\u201d Lutz said Tuesday from her shop. \u201cI\u2019m struggling to really understand how they can\u2019t see that will profoundly impact our economy in ways that I think the American consumer has not predicted. We\u2019re about to find out.\u201d

Reprinted from Associated Press
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