Target CEO Brian Cornell and electronics retailer Best Buy warned of hike in imported goods' prices
WASHINGTON – US President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with fresh duties on Chinese goods, sparking trade war s that could slam economic growth and raise prices for Americans still smarting from years of high inflation.
China's foreign affairs ministry shot back defiantly: "If war is what the US wants, be it a tariff war, a trade war or any other type of war, we’re ready to fight till the end." Trump hailed his tariff agenda, his efforts to curb the fentanyl overdose crisis and a Ukraine minerals deal during a nationally televised address to a joint session of Congress on Tuesday night.Canadian Prime Minister Justin Trudeau described the tariffs as "a very dumb thing to do" and hit back with 25% tariffs on C$30 billion worth of US imports, including orange juice, peanut butter, wine, spirits, beer, coffee, appliances and motorcycles.
Trudeau said Canada would impose tariffs on another C$125 billion of US goods if Trump's tariffs were still in place in 21 days, likely to include motor vehicles, steel, aircraft, beef and pork. Canada also will challenge the US tariffs under rules of the WTO and the US-Mexico-Canada free trade agreement.
"Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the US, our Reciprocal Tariff will immediately increase by a like amount!" Trump wrote in a post on his private social media platform.The tariffs were already sparking some US price increases, running counter to Trump's election vow to bring down living costs for Americans.
Tariffs Trade War Canada China Mexico
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