In a bold move to counter potential trade barriers, Canadian Prime Minister Justin Trudeau announced Wednesday that Canada will impose retaliatory tariffs totaling approximately 150 billion Canadian dollars ($105 billion) on U.S. goods. This decision comes in response to U.S. President-elect Donald Trump's threat to impose a 25% tariff on all Canadian exports unless Canada enhances its border security measures.
During a pivotal meeting in Ottawa with provincial and territorial premiers, Trudeau emphasized that these retaliatory tariffs are part of Ottawa's broader strategy to safeguard Canadian interests. \"Nothing is off the table,\" Trudeau stated, signaling the government's readiness to take comprehensive measures against the impending U.S. tariffs.
The joint statement released by Ottawa and the premiers highlighted their unified approach to prevent the imposition of U.S. tariffs. They agreed that no single region of Canada should bear a disproportionate burden from these economic measures. However, not all provinces were on board. Alberta's Premier, Danielle Smith, opted out of the joint statement, expressing concerns that an export ban on Alberta oil to the United States could trigger a \"national unity crisis.\"
Despite this disagreement, the commitment among the other premiers remains strong. They are dedicated to implementing a full range of strategies to support affected sectors, businesses, and individuals. This includes the swift distribution of revenue from potential retaliatory tariffs to mitigate economic impacts.
Looking ahead, the premiers plan to convene weekly meetings following Trump's inauguration on January 20 to ensure a coordinated and effective response. Additionally, Trudeau has scheduled a Cabinet retreat on the same day to focus on defending Canada’s economic interests on the global stage.
This developing trade tension underscores the delicate balance between national security measures and economic stability, with Canada positioning itself firmly in defense of its industries and workforce.
