Canada Gears Up for Possible Tariff Retaliation Against Trump's 25% Threat

Top Canadian ministers have announced their readiness to respond to potential 25% tariffs threatened by President Trump on Canada and Mexico. Canadian leaders emphasize the economic implications of such tariffs, as Canada is heavily trade-reliant, with 75% of its exports destined for the US.

In a move indicating escalating trade tensions, Canadian ministers announced they are poised to retaliate against potential 25% tariffs from President Trump. The proposed tariffs on Canada and Mexico may come into effect on February 1, as suggested by Trump during a late-night discussion in the Oval Office.

Canadian Foreign Minister Mélanie Joly emphasized a dual strategy of preventing the imposition of tariffs while preparing for possible retaliation. Echoing these sentiments, Finance Minister Dominic LeBlanc remarked on the volatility of Trump's decisions, underscoring Canada's readiness for any scenario.

With Canada being immensely dependent on trade, notably sending 75% of its exports to the US, the proposed tariffs could have significant repercussions. Dominic LeBlanc stressed that such measures could adversely affect US jobs, living costs, and supply chain security.

(With inputs from agencies.)