Ahead of tariffs starting Tuesday, President Donald Trump posted on social media that he spoke Monday morning with Canadian Prime Minister Justin Trudeau and would “be speaking to him again at 3:00 P.M.” But the Republican president also used the post …
WASHINGTON — Ahead of tariffs starting Tuesday, President Donald Trump posted on social media that he spoke Monday morning with Canadian Prime Minister Justin Trudeau and would “be speaking to him again at 3:00 P.M.”
Trump has said he also would talk Monday with his counterpart in Mexico. Both Canada and Mexico are about to levy their own tariffs in response to U.S. actions.
The Republican president also used his social media post to repeat his complaints that Canada has been uncooperative, despite decades of friendship and partnerships that range from World War II to the response to the 9/11 terrorist attacks on the United States.
“Canada doesn’t even allow U.S. Banks to open or do business there,” Trump posted. “What’s that all about? Many such things, but it’s also a DRUG WAR, and hundreds of thousands of people have died in the U.S. from drugs pouring through the Borders of Mexico and Canada.”
Financial markets, businesses and consumers are bracing for the impact of the new tariffs that also include an import tax against China. Stock market indices were set for a modest selloff, suggesting some hope that the import taxes that could push up inflation and disrupt global trade and growth would be short-lived.
But the outlook reflected a deep uncertainty about a Republican president who has talked with adoration about tariffs, even saying the U.S. government made a mistake in 1913 by switching to income taxes as its primary revenue source. Trump said Sunday the tariffs would lift if Canada and Mexico did more to crack down on illegal immigration and fentanyl smuggling, though there are no clear benchmarks. Trump also said the U.S. can no longer run a trade imbalance with its two largest trade partners.
Mexico is facing a 25% tariff, while Canada would be charged 25% on its imports to the United States and 10% on its energy products. China is facing a 10% additional tariff due to its role in the making and selling of fentanyl, the Trump White House said.
