this post was submitted on 05 Mar 2025
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Trump’s tariffs unleash ‘existential fight’ for Canada (www.aljazeera.com)
submitted 1 day ago by [email protected] to c/[email protected]
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Author: Megha Bahree
Published on: 05/03/2025 | 00:00:00

AI Summary:
Trump unleashed 25 percent blanket tariffs on Canadian imports, excluding energy. Trump also slapped a 25 percent tariff on Mexico, and doubled China’s tariffs to 20 percent. Royal Bank of Canada economists Francis Donald and Cynthia Leach call this the largest trade shock to Canada in nearly a hundred years. Canada is considering imposing tariffs on electricity exports to the US. Some Canadian estimates suggest Trump’s tariffs could cost as many as 1.5 million jobs. Canadian premiers have suggested that Canada work out its own trade deal with the US to replace the US-Mexico-Canada Agreement. House warned that Ottawa’s relationship with Mexico could be damaged by suggestions that Canada leave Mexico out of a future trade deal. Whatever compromise is reached, it will not fully repair the damage done to the relationship between the North American trade partners.

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[–] disguy_ovahea 2 points 1 day ago

It’s going to hurt the US far more than reports suggest. Yes, we are the larger exporter in the trade deficit, but what we import is vital. Electricity, oil, and fertilizer alone could be devastating. Fertilizer doesn’t get the recognition it deserves. It’ll increase the cost of our dent corn, which in turn increases the cost of milk and beef, for example.

The retaliatory tariffs will impact private farms first. Without USAID funds to buy their surplus to be shipped as aid, those farms will not meet overhead. They’ll go bankrupt, then VCs will swoop in and buy the land on the cheap.