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Canada, Mexico announce retaliatory tariffs on US imports in response to Trump's tariffs on American neighbors
Economist Steve Moore and former member of White House Council of Economic advisors Tomas Philipson discuss President Donald Trump’s tariffs on foreign countries on ‘The Bottom Line.’
Canada and Mexico each announced tariffs on U.S. imports on Saturday in retaliation for U.S. President Donald Trump placing tariffs on the two countries.
Trump had signed an executive order authorizing a 25% additional tariff on imports from Canada and Mexico and a 10% additional tariff on imports from China. Energy imported from Canada, including oil, natural gas and electricity, would be taxed at an additional 10%.
The White House cited the «extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl» that it argues «constitutes a national emergency.» The tariffs will go into effect on Tuesday.
The tariffs, if sustained, could cause inflation to significantly worsen after Trump vowed on the campaign trail to lower the prices of groceries, gasoline, housing, autos and other goods, according to The Associated Press. The tariffs on America’s largest trading partners also risk harming the global economy.
TRUMP IMPOSES TARIFFS ON IMPORTS FROM CANADA, MEXICO AND CHINA: 'NATIONAL EMERGENCY'
President Donald Trump delivers his inaugural address after being sworn in as the 47th President of the United States on Jan. 20 in Washington, D.C. (Chip Somodevilla/Pool/AFP via Getty Images / Getty Images)
Trump’s order also pledges to raise the rates if the countries retaliate, which could lead to even more severe economic disruption, but that did not prevent Canada and Mexico from doing just that.
«The actions taken today by the White House split us apart instead of bringing us together,» Canadian Prime Minister Justin Trudeau
Read on foxbusiness.comThe same topic in other media
Xi’s careful reply to Trump tariffs shows China has more to lose economictimes.indiatimes.com / 1 year ago
Stock market today: Wall Street mixed in early trading as anxiety on Trump tariffs fade abcnews.go.com / 1 year ago
Trump takes aim at Canada's banking sector as tariffs loom financialpost.com / 1 year ago
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Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
