MNI BRIEF: Canada To Retaliate Immediately Against US Tariffs
MNI (OTTAWA) - Canadian Prime Minister Justin Trudeau said Monday night the government will almost immediately retaliate against U.S. tariffs if they come into force as President Donald Trump has indicated, opening up a trade war between two of the world's largest trading partners unseen since the 1930s.
"Should American tariffs come into effect tonight, Canada will, effective 12:01 a.m. EST tomorrow, respond with 25% tariffs against CAD155 billion of American goods -- starting with tariffs on CAD30 billion worth of goods immediately, and tariffs on the remaining CAD125 billion on American products in 21 days’ time," Trudeau said in a statement. "Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures."
Ontario Premier Doug Ford earlier today said he would cut electricity shipments to the U.S. if tariffs come into force, and there have been discussions about an export tax on energy, which Trump has said he would tariff at 10% as opposed to 25% on other products. (See MNI INTERVIEW: BOC To See Trade War As Normal Recession- Tombe)