'Ready To Respond' If Donald Trump Imposes Sweeping Tariffs From Feb 1, Says Canada

(MENAFN- Live Mint) Top Canadian ministers stated on Monday that Canada would be prepared to retaliate after President Donald Trump announced he was considering imposing a 25% tariff on Canada and Mexico starting February 1. Trump has been warning about the possibility of implementing extensive tariffs on Canada, Mexico, and other trading partners, as reported by the Associated Press.

“We're thinking in terms of 25% on Mexico and Canada,” Trump said late Monday night in the Oval Office.“I think February 1st.”

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The timeline for the potential tariffs remains uncertain. Trump signed an executive order calling for a report coordinated by the Secretary of Commerce, due by April 1.

In his inaugural address, Trump promised that tariffs would be imposed, stating that foreign countries would bear the trade penalties. However, it's important to note that these taxes are typically paid by domestic importers and often passed on to consumers.

Canadian Foreign Minister Mélanie Joly said they“will continue to work on preventing tariffs” but said they are also“working on retaliation.”

Canadian Finance Minister Dominic LeBlanc said Trump can be unpredictable.“None of this should be surprising," he said.“Our country is absolutely ready to respond to any one of these scenarios.”

Canadian leaders earlier expressed relief the tariffs were not imposed on the first day of Trump taking office.

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