Markets drop as Trump confirms tariffs on Canada, Mexico

Canada and Mexico have warned they will retaliate. Canadian Foreign Minister Mélanie Joly said the tariffs pose “an existential threat” and could cost thousands of jobs. She also said Canada is “ready with counter-tariffs”.

Mexico’s President Claudia Sheinbaum responded firmly, stating, “Mexico has to be respected… Cooperation, yes. Coordination, yes. Subordination, never.”

Trump believes tariffs are a powerful tool to protect US businesses and reduce trade imbalances. The Guardian quoted Trump as saying, “Tariffs are easy, they’re fast, they’re efficient, and they bring fairness.”

However, some business leaders have raised concerns. Ford CEO Jim Farley warned the tariffs could “blow a hole” in the US economy, while billionaire investor Warren Buffett told CBS News, “Over time, they are a tax on goods… The Tooth Fairy doesn’t pay them!”

China has also prepared retaliatory measures, likely targeting US agricultural and food products, according to the BBC.

Trump further announced a 25% tariff on steel and aluminium imports, set to begin 12 March, and threatened similar tariffs on the European Union, as per The Guardian.

With global markets reacting negatively and trade tensions rising, businesses and governments are now preparing for the economic impact.

(with inputs from agencies)

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