China and Canada have announced retaliatory tariffs on U.S. goods following recent U.S. tariff increases. China plans to impose additional tariffs of up to 15% on selected American products, while Canada has vowed to introduce tariffs of up to 25% on U.S. imports. These measures come as a response to the U.S. administration's decision to levy new tariffs on imports from both countries, which took effect just after midnight on Tuesday.
The United States, China, and Canada represent a significant portion of global trade, accounting for over 40% of total U.S. imports last year. Additionally, these countries are the top three export markets for the United States, making the ongoing tariff disputes particularly impactful on international trade dynamics.
President Donald Trump initiated the recent tariff increases by adding a 25% blanket tariff on goods imported from Canada and Mexico, alongside an additional 10% tariff on Chinese goods. In reaction to these measures, China announced its own set of levies, targeting $20.7 billion worth of American goods immediately, with tariffs on a further $86.3 billion set to commence in 21 days.
The new Chinese tariffs, effective March 10, will include a 15% duty on agricultural products such as chicken, wheat, corn, and cotton. A 10% tariff will be applied to sorghum, soybeans, pork, beef, fruits, vegetables, and dairy and aquatic products. Furthermore, American coal, liquefied natural gas, crude oil, agricultural machinery, and large-engine cars will also face increased tariffs ranging from 10% to 15%.
Canada's response involves imposing a 25% tariff on approximately 155 billion Canadian dollars ($107 billion) worth of American goods. Canadian Prime Minister Justin Trudeau expressed concerns over the economic consequences of these tariffs.
"Because of the tariffs imposed by the U.S., Americans will pay more for groceries, gas, and cars, and potentially lose thousands of jobs," – Justin Trudeau
Trudeau further highlighted the potential disruption to trade relations between the countries.
"Tariffs will disrupt an incredibly successful trading relationship. They will violate the very trade agreement that was negotiated by President Trump in his last term." – Justin Trudeau
Meanwhile, Mexican President Claudia Sheinbaum is expected to address Mexico's response to the U.S. tariffs at a news conference in Mexico City on Tuesday morning.
Leave a Reply