Trump Tariff Update: Canada reacts to new rates as many others slammed with new rates
Amidst ongoing tariff war catalysed by President Trump, more than ninety countries affected.
As it is widely known, one man’s food is another man’s poison, and this can also be attributed to Trump’s tariff war. While many expressed disappointment, others praise the U.S courageous move.
Amongst those who expressed their disappointment was Canadian Prime Minister Mark Carney following the imposition of higher tariff on his country, but one mayor in Ontario commended the U.S President on the move.
Mayor of Mississauga, Carolyn Parrish, posted on her verified X account on Thursday evening, praising Mr. Trump for handling Canada a “new tomorrow.”
Trump Tariff Update: Canada Reacts To New Rates
Parrish stated that Trump’s 35% tariff on imported Canadian goods seen as non-compliant with the agreements between the U.S., Mexico and Canada will prompt the nation to “expand to new markets.”
Switzerland Greatly Regrets New Tariff
Reacting to Trump’s new 39% tariff, the Swiss government said that it “notes with great regret” that the White House announced a 39 percent tariff on Switzerland’s imports to the U.S.
“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,” The Swiss Federal Council posted on their official X handle on Friday morning.
Canada Punished By Trump With 35% Tariff
The United States President Donald Trump appears to be punishing Canada, after increasing levies to 35% on the U.S.’s northern neighboring country.
The levy, which comes as a blow to Canada, was signed by the United States president in an executive order increasing tariff on Canadian imports from 25 percent to 35 percent for goods categorized as not-in-line with the agreements between the United States, Mexico and Canada.
Trump highlighted what he described as Canada’s failure to undermine fentanyl smuggling across the border.
The higher levy on Canada, one of the top U.S. trading partners took effect at 12.01 a.m. Friday ET. It threatens to derail an already heavily strained relationship.
Trump Tariff Update: Canada Reacts To New Rates
Mr. Trump issued a warning that Canada trade deal is at risk following the Northern American’s declaration of support for Palestinian yesterday, and the U.S. president has warned that Canada’s backing for the State of Palestine would directly mean ending trade ties with the northern American neighbor “very hard.”
Trump Tariff Update: Canada Reacts To New Rates
President Trump also condemned Canadian President Mark Carney’s decision to join the United Kingdom and France in proclaiming their moves to acknowledge a Palestinian state in September.
“Wow! Canada has just announced that it is backing statehood for Palestine,” Trump wrote on Truth Social early Thursday morning.
“That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!”
Decline In European Market After Trump New Tariff Proclamation
Stocks across Europe, declined as trading opened on Friday morning after the U.S. President reawakened his trade war.
Earlier this week, President Trump set a baseline 15 percent on majority of EU goods imported into the U.S. earlier this week.
London’s FTSE 100 index opened in the red and dropped more than 0.7 percent.
Germany’s DAX index dropped by 1.1 percent at the start of trading in Frankfurt.
France’s CAC fell by almost 1 percent and Spain’s IBEX lost 0.6 percent.
Canada’s Mark Carney Full Speech Expressing Disappointment at Trump’s Tariff Hike
On Thursday, President Donald Trump signed an executive order raising tariffs on Canada from 25 to 35 percent for goods that are not compliant with the U.S.-Mexico-Canada Agreement, drawing a sharp response from Canadian Prime Minister Mark Carney.
Trump Tariff Update: Canada Reacts To New Rates
On Friday morning (today), Carney expressed his disappointment in Trump’s tariff hike in a statement, stressing that “Canadians will be our own best customer.”
Trump Backlashed After Extending Mexico Trade Deadline
Donald Trump placing higher import rates on a wide range of Mexican products on hold one day earlier than they were meant to be in effect greeted on social media with the now-familiar “TACO” taunt.
Trump Tariff Update: Canada Reacts To New Rates
TACO, which simply means “Trump Always Chickens Out,” coined from the U.S. president’s attitude of making tariff threat, which always results in a decline in markets, only for him to shift ground and witness the markets recover.
Trump declared the ploy in his post on his personal social media platform (the Truth Social) after his phone chat with Mexican President Gloria Sheinbaum on Thursday.
Trump’s declaration of new tariff hike was followed his most consistent critics was impeccable and Mexico-like food, reincarnating the TACO nickname investors have given the president for his economic lopsidedness.
Trump Introduced New Tariff Plan Accompanied With Delay
The administration of Donald Trump has declared its new trade policy and tariff plan just a few moments before the August 1 ultimatum.
On Thursday night, the United States government declared a “global” levy for good imported into the U.S. will still be fixed at 10 percent.
Trump Tariff Update: Canada Reacts To New Rates
That is the same level set during his “Liberation Day” event in early April when he first announced the tariffs.
However, the ten percent tariff increase will only be applicable to countries having trade surplus, meaning to which the U.S. exports more than it imports from.
Countries having trade deficit with the United States will be made accept at least 15 percent tariff under the new policy.
For many of the countries subjected to Trump’s “reciprocal” tariffs levied in April, that rate will not be as much as what they previously paid, though it might be higher for small nations.
Trump Tariff Update: Canada Reacts To New Rates