Canadian Prime Minister Mark Carney on Thursday announced a
limited set of counter measures against US tariffs while calling President
Donald Trump’s protectionist moves a tragedy for global trade.
Carney stated that the Canadian government will copy the US
approach by imposing a 25% tariff on all vehicles imported from the United
States that are not compliant with the US-Mexico-Canada trade deal.
The prime minister also told a press conference that the new
tariffs would not apply to auto parts and would not affect vehicle content from
Mexico.
“Given the prospective damage to their own people, the
American administration should eventually change course. But I don’t want to
give false hope,” Carney said.
He added that it could take a long time for the United
States to shift approach, stressing that Canada’s previously announced tariffs
would stay in place.
Trump’s new tariffs sent shockwaves through markets on
Thursday.
His 10% baseline levy on all US imports, with much higher
duties on some countries, encouraged investors to flee risky assets as they
worried that he was upending global trade.
“The 80-year period when the United States embraced the
mantle of global economic leadership, when it forged alliances rooted in trust
and mutual respect and championed the free and open exchange of goods and
services, is over. This is a tragedy,” Carney said.
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