Canada, Mexico, China retaliate to Trump's tariff measures

The rest of the retaliatory tariffs on US goods worth C$125 billion will be slapped within 21 days, Canadian Prime Minister Justin Trudeau said in an official statement.

Canadian tariffs will remain in place until the US trade action is withdrawn, and should US tariffs not cease, his government is discussing with provinces and territories to pursue several non-tariff measures, Trudeau added.

“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,” the Canadian PM’s statement concluded.

Sheinbaum told a press conference she would speak more about her decisions today, but that whatever the United States has decided, Mexico was ready. "We have a plan B, C, D," Sheinbaum said, without elaborating.

Officials from Mexico met with their US counterparts in Washington last week to discuss trade and security policy.

Meanwhile, China announced imposing 15-per cent tariffs on US chicken, wheat, corn and cotton, plus 10-per cent tariffs on soybeans, pork, beef and dairy beginning March 10. The move places 25 US firms under export and investment restrictions.

The United States imposed 10-per cent tariff on all US imports from China on top of existing extra tariffs. Beijing strongly opposed US tariff hikes, warning of further actions.

"These new tariffs are compounding rapidly. Amid other hints at hitting hard on the EU [European Union] and other allies as well, each HTS code of tariffs snowballs into a growing—and potentially crushing—burden on American businesses and hardworking American families," said Steve Lamar, president and chief executive officer of the American Apparel & Footwear Association (AAFA).

"Uncertainty and instability are corrosive, undermining the vitality of our consumer driven economy, and the 3.5 million American jobs created by our industry. We look forward to discussions with Administration officials, including US trade representative Ambassador Greer and commerce secretary Howard Lutnick, on needed guardrails that will allow us to champion smart trade policies,” he said in a statement.

“It is vital that our government’s actions be aligned so that they benefit both the crucial exports of American-grown and American-manufactured goods as well as U.S. imports of safe, affordable, and innovative consumer products,” he added.

ALCHEMPro News Desk (DS)