TORONTO — Senior Canadian officials announced on Monday that the nation stands prepared to respond should President Donald Trump follow through with his intention of imposing a 25% tariff on imports from Canada and Mexico, a proposal mentioned by him on February 1.
Trump has been vocal about potential broad tariffs on various trading partners, including Canada and Mexico. During a late-night address in the Oval Office, he stated, “We’re considering a 25% tariff on Mexico and Canada, aiming for a deadline of February 1st.”
However, the specific timeline for these potential tariffs is still uncertain. The president has directed an executive order, asking for a detailed report from the Secretary of Commerce by April 1.
In his inaugural address, Trump committed to implementing tariffs, asserting that foreign nations would bear the burden of these trade penalties, despite the fact that these fees are primarily incurred by domestic importers and eventually passed down to consumers.
Canadian Foreign Minister Mélanie Joly emphasized that Canada will actively work to avert the implementation of these tariffs while simultaneously preparing for a possible retaliatory response.
Canadian Finance Minister Dominic LeBlanc remarked on the unpredictability of Trump’s actions, stating, “None of this should come as a shock. Our country is fully equipped and ready to react to any of these developments.”
Earlier, Canadian leaders expressed a sense of relief that tariffs were not enacted on Trump’s first day in office. As one of the most trade-dependent nations globally, approximately 75% of Canada’s exports, which prominently feature automobiles and their components, are sent to the United States.
In fact, Canada remains the primary export partner for 36 U.S. states, with nearly $3.6 billion Canadian (approximately $2.7 billion USD) in goods and services exchanged across the border each day.
Despite Trump’s assertions that the U.S. can thrive without Canada, it’s noteworthy that a significant portion—about a quarter—of the oil consumed daily in the United States is sourced from Canada.
LeBlanc cautioned that imposing tariffs would be detrimental to the American economy, affecting the cost of living, job stability, and the reliability of supply chains within the United States.
