Tariffs on $20.7 billion worth of goods will take effect immediately, while tariffs on the remaining $86.3 billion in U.S. products will begin in 21 days, Canadian Prime Minister Justin Trudeau
said in a statement late Monday. They will remain until the U.S. trade action is withdrawn, he said.
“Because of the tariffs imposed by the U.S., Americans will pay more for groceries, gas and cars, and potentially lose thousands of jobs,” Trudeau said. “Tariffs will disrupt an incredibly successful trading relationship. They will violate the very trade agreement that was negotiated by President Trump in his last term.
The
Dow Jones Industrial Average dropped about 800 points, or 1.8%. The
S&P 500 fell 2.1% and was set for its worst day of the year. The tech-heavy
Nasdaq Composite slid 3%,
weighed down by a separate issue affecting
Nvidia, which was already down more than 9%.
In Canada, meanwhile, retaliation against U.S. tariffs could also extend to its individual provinces. Ontario Premier Doug Ford told NBC’s “Meet the Press NOW” on Monday that Canada would “respond like they’ve never seen before.”
He said he was prepared to retaliate by cutting off the transmission of electricity from his province to the U.S. as well as shipments of nickel, which “will shut down manufacturing because 50% of the nickel you use is coming out of Ontario.”
China will impose additional tariffs of up to 15% on some U.S. goods, its government said, while Canada vowed tariffs of up to 25% after new U.S. tariffs on both countries took effect.
apple.news
It’s Deja vu all over again. He may even beat Hoover this time.
