President Trump's tariffs against Canada and Mexico commenced, imposing 25% taxes on imports and 10% on Canadian energy products. These measures elicited retaliatory vows from both countries, with Canada planning tariffs exceeding $100 billion on U.S. goods. The tariffs aimed ostensibly at addressing drug trafficking and illegal immigration are also seen as a tool for fixing the trade imbalance. The looming trade war raises concerns about inflation and economic stability, as Trump remains resolute in his strategy despite warnings from economists.
The U.S. president's moves raised fears of higher inflation and the prospect of a devastating trade war even as he promised the American public that taxes on imports are the easiest path to national prosperity.
Canadian Prime Minister Justin Trudeau said his country would slap tariffs on more than $100 billion of American goods over the course of 21 days.
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