GuShiio.com ① Canadian Prime Minister Trudeau said that Canada will continue to engage in a trade war with the United States for the foreseeable future;
② Trudeau and Trump had a 50-minute phone call on Wednesday, and negotiations were still ongoing to ensure some form of tariff relief for some industries.
Financial Union, March 7 (Editor Niu Zhanlin)On Thursday local time, Canadian Prime Minister Trudeau said that Canada will continue to engage in a trade war with the United States for the foreseeable future. The day before, he had a “colorful” phone call with US President Trump.
Trudeau claimed that Canada would continue to engage with senior Trump administration officials about U.S. tariffs on Canadian imports, and reiterated his goal is to eliminate the measures.
“I can confirm that for the foreseeable future, there is no indication that Trump is willing to abandon taxes completely, and we will continue to engage in a trade war with the United States,” he told reporters in Ottawa.
Canada has imposed a 25% tariff on $30 billion worth of U.S. imports and will impose a 25% tariff on $125 billion worth of U.S. imports in more than 20 days. Trudeau stressed that these measures will remain in effect until the Trump administration ends its trade actions.
Trudeau and Trump had a 50-minute phone call on Wednesday, with Trump accusing Canada of not doing enough to prevent fentanyl and illegal immigrants from entering the United States.
Trudeau said: “The 50-minute conversation between the two sides was intense, but a substantive call.” He also revealed that negotiations between the two sides are still in progress to ensure that some form of tariff reduction is implemented for some industries.
Trudeau also said that discussions were currently under way to eliminate all tariffs until April 2, but the negotiations had not yet been finalized. He said he would not comment until specific news was announced.
It is reported that Trudeau will resign after the ruling Liberal Party elects a new leader this Sunday. His relationship with Trump is generally poor and he has criticized Trump many times. “For them, a win-win situation between us is actually worse than a win-win situation. This is true in international trade and in relations between nation states.”
At the same time, Trump said on social media that after talks with Mexican President Sinbaum, he had agreed that Mexico would not have to pay tariffs on any goods under the US-Mexico-Canada Agreement (USMCA), which will be valid until April 2. However, a similar exemption for Canada has not been mentioned.
Sinbaum claimed that the call with Trump was “excellent and mutually respectful” and that he would continue to work together, especially on immigration and security, especially regarding the entry of fentanyl into the United States.
However, Trump did not mention a moratorium on tariffs on Canada, although U.S. Commerce Secretary Lutnik said Trump may announce a one-month delay in tariffs on all products affected by the U.S. -Mexico Agreement later that day.
U.S. Treasury Secretary Bessant called Trudeau a “fool” at an event on Thursday and warned that Trudeau’s tough stance towards the United States would lead to higher tariffs on Canadian imports.
The S & P 500 fell more than 2% intraday, its lowest level since Trump won the election on November 5, as investors grew worried that tariffs could exacerbate inflation that is already difficult to fully control and subsequently slow demand and growth.
Bill Sterling, global strategist at GW K Investment Management, said,”The Trump administration’s continued creation of uncertainty, especially tariffs on Mexico and Canada, is having an impact on the market.”
