Mexican President Claudia Sheinbaum said her country will impose retaliatory tariffs, and Canadian Prime Minister Justin Trudeau announced “far-reaching” retaliatory levies, CNN reports.
“Trump’s tariffs had been expected to invite retaliation, perhaps igniting a trade war that could significantly damage the economies of the targeted countries and the United States. In anticipation, Trump’s executive action includes a clause that allows the president to expand the tariffs if a country imposes new tariffs on the United States.”
Associated Press: “The tariffs, if sustained, could cause inflation to significantly worsen, threatening the trust that many voters placed in Trump to lower the prices of groceries, gasoline, housing, autos and other goods as he promised. They also risked throwing the global economy and Trump’s political mandate into turmoil just two weeks into his second term.”
Politico: Trump finalizes tariffs on Canada, Mexico, China, triggering likely trade war.
