Canadian Prime Minister Mark Carney on Thursday announced a limited set of counter measures against US tariffs while calling President Donald Trump’s protectionist moves a tragedy for global trade.
Carney stated that the Canadian government will copy the US approach by imposing a 25% tariff on all vehicles imported from the United States that are not compliant with the US-Mexico-Canada trade deal.
The prime minister also told a press conference that the new tariffs would not apply to auto parts and would not affect vehicle content from Mexico.
“Given the prospective damage to their own people, the American administration should eventually change course. But I don’t want to give false hope,” Carney said.
He added that it could take a long time for the United States to shift approach, stressing that Canada’s previously announced tariffs would stay in place.
DAILY POST reports that Trump’s new tariffs sent shockwaves through markets on Thursday.
His 10% baseline levy on all US imports, with much higher duties on some countries, encouraged investors to flee risky assets as they worried that he was upending global trade.
“The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy,” Carney said.
