From the stock market to members of his own party and leaders across the world, there are few individuals Donald Trump hasn’t angered with his tariff strategy.
This morning, the president made a sudden reversal on tariffs concerning Mexico and Canada, retracting his previous announcement made over the weekend.
However, Wall Street’s recovery following the one-month pause on tariffs imposed on Mexico still falls short of compensating for the losses endured when the new taxes were first revealed.
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Meanwhile, Mitch McConnell, the former Senate leader who has been a prominent Republican voice in Washington for the past decade, has publicly opposed Trump’s tariff plans.
McConnell remarked, “It will drive the cost of everything up,” during an interview with 60 Minutes. “In other words, it will be paid for by American consumers. Why would you want to engage in a conflict with your allies over this?”
Trump defended the tariffs as necessary to compel Mexico, China, and Canada to tackle the issues of fentanyl importation and illegal migrant trafficking.
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Canada has expressed significant dissatisfaction with these accusations, highlighting that very few undocumented migrants enter the US from Canada.
Of the 10 tonnes of fentanyl intercepted at border crossings last year, only 19 kg originated from Canada.
During the weekend, Canadian sports fans expressed their discontent by booing during the American national anthem at multiple events, including three professional ice hockey games and an NBA game.
Notably, three-quarters of Canadian exports are directed to the US.
Mark Carney, who is likely to be Canada’s next prime minister, stated that the tariffs would harm “the US’s reputation around the world.”
He asserted, “We are going to stand up to a bully; we will not back down.”
Ontario Premier Doug Ford announced the cancellation of a $100 million deal with Elon Musk’s Starlink, while also instructing the Liquor Control Board of Ontario to remove all American alcohol from shelves within the province.
A spokesperson from China’s Foreign Ministry remarked that there are no victors in a trade war.
“The US needs to address its own fentanyl crisis objectively rather than threatening other countries with arbitrary tariff increases,” the spokesperson stated.
According to Yale’s nonpartisan Budget Lab, the tariffs could cost the average American household approximately $US1250 ($2000) annually.
While the tariffs aim to bolster American manufacturing, many large corporations have warned that these new taxes could result in job losses for American workers.
Typically, car manufacturers produce vehicles in the US utilizing parts sourced from Canada or Mexico, and vice versa.
Experts caution that these tariffs could elevate the cost of cars and trucks by more than $US10,000.
For the time being, Trump asserts a victory in securing concessions from both Canada and Mexico.
Mexican President Claudia Sheinbaum declared that the border would be immediately reinforced with 10,000 National Guard troops.
It remains unclear whether this refers to an additional deployment of troops or the same 10,000 troops announced during the Biden administration.
Canadian Prime Minister Justin Trudeau’s announcement regarding the paused tariffs was perceived as a politically strategic move.
“Canada is implementing our $1.3 billion border plan – enhancing the border with new helicopters, technology, personnel, improved coordination with our American counterparts, and increased resources to combat the flow of fentanyl,” he stated.
It is worth noting that neither Trudeau nor Trump acknowledged that the $1.3 billion plan had already been revealed two months prior during the Biden presidency.
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