US President Donald Trump said that he would discuss the punitive tariffs on Canada and Mexico with the two countries on Monday, as the market sank on apprehension on the impact on the global economy.
25 percent of duties by US companies importing from Mexico and Canada sent European and Asian shares in the open on Monday.
Mexican peso and Canadian dollars also drowned against greenback, while the oil jumped the oil despite keeping the levy levy on 10 percent of Canada’s energy imports to limit a spike in fuel prices.
In addition to American neighbors, Trump hit China with 10 percent tariffs in addition to the current levy.
Trump told reporters after returning to Washington on Sunday evening from a weekend in Florida that he was talking with Prime Minister (Justin) Trudeau tomorrow morning, and I am also talking with Mexico yesterday morning. “
China, Mexico and Canada are the top three American trade partners and when the tariffs are effective on Tuesday, everyone vowes to retaliate.
Trump, an enthusiastic supporter of tariffs, always ensured that his influence would be borne by foreign exporters without passing American consumers, who refute the opinion of a wide range of experts.
However, Republican on Sunday admitted that Americans could feel economic “pain”.
Trump wrote in an all-cap on his truth social media platform, “But we will make America great again, and it will all be worth the price that should be paid.”
Analysts hope that the trade war will slow down American growth and increase prices – at least in a short term – the President opposed to accepting with frustration on the costs seen as a major factor in his 2024 election victory Did
Tariff “will weigh immediately on the US Growth Outlook … and prevent US dollar from being fully benefited from Trump’s first policies,” said Swissquot Bank senior analyst iPek Ozcardeskaya.
“Instead, America may end in a low -delicious America setting alone in America.”
John Plasard, Swiss asset manager Miraboud’s investment expert said: “Investors are afraid that this trade war will lead to a significant decline in the global economy.”
Trump has cited illegal immigration and smuggling of fatal opioid fentinyls as the causes of “emergency” measures.
But he expressed general displeasure in the trade deficit on Sunday, which he has long seen as a sign of unfair treatment against the United States.
“We are no longer going to be ‘stupid countries’,” he said.
’51st state ‘
Trump took a special objective in a separate social media post in Canada, reiterating his call to become an American state for the northern neighbor of the US.
Claiming the United States “pays hundreds of billions of dollars to subsidize Canada,” Trump said “without this massive subsidy, Canada exists as a viable country.”
“Therefore, Canada should become our funded 51st state,” he said, reiterating the expansionist threat against one of the closest colleagues in the United States.
The US Census Bureau says the 2024 trade deficit in goods with Canada was $ 55 billion.
The Canadian backlash was sharp, showing fans posted on social media with the video that when the American national anthem was sung during a basketball game between Toronto Reppers and Los Angeles Clips.
Trudeau on Saturday vowed to hit back with 25 percent levy on selected American goods with $ 155 billion ($ 106.6 billion), with a second in three weeks in the first round on Tuesday.
The White House has not publicly announced whether the action can eliminate tariffs.
“We are clearly open for any other suggestions coming in our way,” Kirsten Hillman of the United States told ABC News on Sunday.
Mexican President Claudia Shinbam said that he too was waiting for Trump’s response to his proposal for talks. He said that he had instructed his economy minister to “implement Plan B”, which includes the unspecified “tariff and non-tariff measures.”
‘No winners’
Trump also indicated that when he would not immediately impose tariffs on the UK, it would “be with certainty the European Union” – a danger for which the block said it would “strongly respond.”
The European Union’s top diplomat in Brussels Kaja Kallas warned on Monday, “There are no winners in the business wars.” “We need America, and America also needs us.”
Tariff announcements tamped up an extraordinary second week of Trump’s new term. The United States is still a collision with an army helicopter and an airliner collision with its worst aviation disaster that killed 67 people in the American capital.
His administration has also gone to a large extent to carry forward the government with the help of the so -called department of the government’s efficiency, which Trump has handed over to billionaire Elon Musk to reduce federal expenses.
(This story is not edited by NDTV employees and auto-generated from a syndicated feed.)
