Canada Braces for U.S. Tariff Threat with Financial Reserves and Border Strategy

Canada's new Finance Minister, Dominic LeBlanc, assures that the country's financial reserves can support businesses amid potential U.S. tariffs. President-elect Donald Trump threatens a 25% tariff on Canadian imports if migration and drug issues are not addressed. Canada plans enhanced border security and diplomatic discussions to mitigate impacts.

Canada's newly appointed Finance Minister, Dominic LeBlanc, has expressed confidence that the nation's financial reserves are robust enough to support businesses and individuals should the U.S. enforce a stringent new tariff.

U.S. President-elect Donald Trump has announced plans to impose a 25% tariff on all imports from Canada and Mexico on his first day in office if these nations do not address issues of illegal migration and drug trafficking across borders.

In his podcast statement on Wednesday, LeBlanc indicated reassurance after discussions with Finance Ministry officials, affirming the government's fiscal capability to intervene. He also pointed to his plans for upcoming meetings with Bank of Canada Governor Tiff Macklem and commercial bank executives.

(With inputs from agencies.)