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What will be the impact on the Canadian economy if U.S. imposes 25% tariffs by June 30, 2025?
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Economic reports from Statistics Canada or other reputable economic analysis firms
Story
Canada Ready to Retaliate Against U.S. 25% Tariffs Set for Feb. 1, Trudeau Says
Jan 21, 2025, 02:36 PM
President Donald Trump has indicated he is considering imposing 25% tariffs on Canada and Mexico as early as Feb. 1, following his inauguration. In response, Canadian Prime Minister Justin Trudeau has stated that Canada is prepared to retaliate if the U.S. proceeds with these tariffs. Trudeau emphasized the importance of Canadian resources for the U.S. economy, suggesting that any American 'golden age' would require Canadian energy, steel, aluminum, and critical minerals. He also expressed support for a 'dollar-for-dollar' matching tariff strategy in retaliation, acknowledging the potential cost to Canadian consumers but citing the need to defend the economic relationship between the two countries. Finance Minister Dominic LeBlanc confirmed that the Canadian government has been preparing responses to various scenarios for weeks, indicating readiness to respond to any tariff imposition. Trudeau is currently holding his last cabinet retreat in Montebello before his resignation in March.
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