CANADA REJECTS U.S. TRADE DEAL; RETALIATES BY MATCHING TRUMP TARIFFS DOLLAR FOR DOLLAR

Written by Michael Thervil

CANADA REJECTS U.S. TRADE DEAL; RETALIATES BY MATCHING TRUMP TARIFFS DOLLAR FOR DOLLAR | PHOTO BY WASHINGTON POST

[U.S. TARIFF’S TRUMP CANADA RETALIATION] In a shocking turn of economic events, Canadian Prime Minister Mark Carney stated that despite the best efforts of his  negotiation team with the Trump Administration, not only did neither side reach a trade deal that would benefit both nations, but Canadian Prime Minister Mark Carney stated that he rejected any kind of trade with the Trump Administration due to it being a “bad deal” and that “the United States proposed new terms that were uneconomic, unfair, and undermined the net benefits for Canada, and called into question the reliability of any deal. In short, they asked too much, and they offered too little.” He also stated to the Press that the deal that was proposed by the Trump Administration was both “uneconomic” and “unfair”.

Another reason that Prime Minister Mark Carney provided as to why he rejected any form of trade deal with the Trump Administration even though there was at one point progress being made, “that progress has not been enough to meet our objectives for Canadians.” In retaliation the Trump Administration imposed 50% tariffs on a multitude of Canadian goods. Sharply and expeditiously, Prime Minister Mark Carney labeled the Trump Administration's actions a “miscalculation” and countered the Trump Administrations imposed of 50% tariff by imposing matching tariffs on a multitude of American goods as he stated he would match “those tariffs dollar for dollar to protect our workers and businesses” and would start on September 8^th.

Backing the position of Prime Minister Mark Carney, was Doug Ford who serves as the Premier of Ontario and he stated “The prime minister has my full support for a strong response — tariff for tariff, dollar for dollar. [We] need to stand together more united than ever before.” Some believe that the actions of the Trump Administration threaten the livelihood of the U.S.-Canada-Mexico trade agreement which was signed by President Trump while serving his first term in office.

According to Prime Minister Mark Carney, the newly imposed tariffs by Canada would be both strategic and a part of a “focused response” that would adversely impact American exports to Canada which would include agricultural equipment, dairy, pulp and paper, steel, appliances, and electronics. Prime Minister Mark Carney stated that he believed that due to the Trump Administration imposing 50% sanctions on Canadian goods, the Trump Administration was effectively weaponizing sanctions and attacking the economic growth and development of Canada.

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Both countries appear to be desperately fighting for the economic survival of both of their economies. From the perspective of the Americans, time is of the essence as the national debt topples the $40 trillion mark. For the Canadians, who may not be experiencing the economic turmoil to the extent of the Americans, will still suffer under this economic trade war because like or not, Canadian citizens will be adversely impacted by the actions of both governments. Those Canadians living closest to the border off the U.S. will be the most impacted due to the fact that many of the companies that reside on the border heavily rely on the American business to thrive.

If a growing economic collapse is as imminent as both geopolitical and economist forecast, then this economic trade war combined with the AI bubble that seems to be about ready to burst may be the two combined drivers that force the American economic over the edge while dragging the economies of other western linked nations with it.