'We will not hesitate': Canada prepares to hit U.S. with billions in tariffs
'We will not hesitate': Canada prepares to hit U.S. with billions in tariffs
WASHINGTON - Ottawa is ready to retaliate if U.S. president-elect Donald Trump slaps Canada with devastating tariffs, Prime Minister Justin Trudeau promised Friday — and his ministers say Republicans in
Summary
Canada is preparing to retaliate against Donald Trump’s proposed 25% tariffs on Canadian imports, which could trigger the largest trade war between the nations in decades.
Prime Minister Justin Trudeau promised counter-tariffs worth $37 billion, with potential for further measures, depending on Trump’s final order.
Canadian officials warn the tariffs could harm both economies, disrupting key sectors like automotive, energy, and agriculture.
Labor leaders expressed concerns over job losses and urged collaboration. Canada hopes to avoid tariffs by highlighting their mutual economic impact to U.S. lawmakers.
Last time we had a tariff war like this was the great depression
Canada/Mexico Tarriffs are reportedly, -not- coming "right away"...
😐
Eggs are going to be so cheap bro.
some car parts cross the border as parts en route to assembly plants, and then back again in fully-assembled vehicles.
Some cars cross the border 5 to 6 times while being assembled. Car prices are going to sky rocket.
Just one more oil boom, bro. We promise not to piss this one away. C'mon, don't hit us with oil tariffs on our marginal product we can't get to market. Don't be a dick bro.
I love long-discredited economic ideas making a comeback. As someone who studied Econ, it’s just peachy seeing people vote to be poorer because no one remembers the last 50 times this was tried and didn’t work.
Please, everyone read about the 1800s. I’m not completely hostile to crypto but so many crypto people are like, “What if we had a ‘free banking’ era? Surely, there’s no downside.” And you just slam your fist on the table and say “Please read one AP American history book. An actual textbook, not a YouTube video. I’m not a particle physicist because I watch PBS Space Time.”
Could you give me a quick summation of why a free banking era is a bad thing and how it relates to the 1800s?
Not trying to start an argument, just genuinely curious
So, essentially, every bank was issuing its own currency. But banks fail all the time. And no one knew what was real money. I’m saying this on Lemmy so I’m clearly for distributed things but cash money needs a central bank, for trust reasons. Gold is a stable element so it was that for centuries but it also led to horrible things. Like an entire hemisphere dying of smallpox.
So, long story short, after WWII. we settled on the U.S. dollar, which was then pegged to gold. Eventually, Nixon decided to unpeg it from gold. Which was fine because gold was arbitrary. We could have pegged it to any element on the periodic table. Bretton Woods is what to google to read more.
So, what is the dollar backed by now? Mostly the U.S. Navy and trust built over time. It’s not perfect. America has never defaulted on its debts and you can exchange dollars for local currency at any airport. The independence of the U.S. central bank is a big reason. But if you’re writing a contract for a global deal, you use dollars. If Argentina wants to buy something from Vietnam, the contract uses dollars.
In the 1800’s, there was no agreed upon currency. Banks made their own currencies. And it was a catastrophe.
I think it's a bit late to tell people to look up why this won't work, especially on Lemmy.
Everyone here knows Trump is not going to be good for the economy and can't or won't do anything about it.
I think you're right, and all of this is a side effect of mortgage-level paywalling of such education, and subsequent devaluing and even demonizing of it.
Resources like AP textbooks don't just come up in peoples' feeds. So they're probably not even aware of them even if they were interested in the subject. And if they are, they gotta scrounge around eBay or those "library" sites.
Either way, it won't reach the people who need to hear it most.
YouTube's gotten really bad with commercial and ideological interests, but I do appreciate some creators out there making an effort to create digestible educational material.
But yes, the cryptobros phenomenon , or "DOGE" just being a re-vomit of failed Reagan/Thatcher-esque grifting policies, it's all being pitched as something brand new and never done before.
Thanks for highlighting that I should check out 1800's era "free banking" economics though. I'm really curious. :)
I feel like in every field right now, experts are facepalming all the ignorant decisions being made.
They need to YouTube a few meditation videos so they can become experts in mindfulness and not worry about all that /s
the principal hypothesis of the bitcoin experiment is that a central ledger and issuer is not actually necessary, and it's still going strong
central banks are a hell of a lot better than the hodgepodge that arose in the 1800s, but it's not proven that they will outlast an adequately designed decentralized implementation (whether it's bitcoin or something else)
there are plenty of problems down the road for bitcoin, but there are arguably more for central banks. can a centralized currency survive the failure of its backing empire?
If central banks are gone, you can probably assume the data centers are too. Crypto relies on a stable society far more than dollars.
As an American surrounded by trump voting douchebags, I hope the economy crashes and people get a taste of what voting like a retard feels like.
when you have a certain world vue your frame of reference is this one. And you will prefer to hide reality for a very long time before admitting you made a poor decision. Worse admitting your point of view is not moral, or problematic.
All of this to say, people will not make a direct correlation between facts and their acts. They will find another plausible (for them) explanation.
I get the feeling many of these people are also preppers and actively yearn for a crash to justify spending their lives readying for it.
Also they'd get to live their dream: Actively competing to outlive their neighbors in a struggle for resources or something.
What's america? Ill just know rusmerica. There is no America.
I'm prepared, are they?
The economy will be fine and probably flourish. Let us know when you wanna apologize :)
Apologize for what?
As an American, I want the world to punish us for our bullshit.
As an American, I really want to get the fuck out of here.
Do get out. I’m an Italian living in the UK and while no country is perfect, any first-world country is better than the US right now to live in. I can’t fathom the idea of dying for a miscarriage, or being forced to have a pregnancy I don’t want, or having my kids go through regular mass-shooting drills and actual mass shootings, or having to ration insulin, or going bankrupt for a cancer, or being shot by a neighbour, or having trials based on theatrics rather than law, or having for-profit prisons and for-profit hospitals, or not trusting our cops, or religious zealots making religion-based laws for everyone, or not having social services, sock leave, maternity and paternity leave, and so on and so on. Honestly our very imperfect countries are a social paradise compared to the USA.
That was my reaction exactly. "Good. Fuck us."
Same
Spank us, daddy! We've been so naughty...
name checks out
Take it all please, leave the rest of us able to fix what needs fixing.
As another American, most of us want you to leave.
Repeated prisoners' dilemma. They have to threaten and they have to add tariffs if the US does, anything else would be bad strategy
It's not helped by the fact that Trump is corrupt and might have different winning conditions like "make Putin happy", but that doesn't change what Canada has to do.
Watching the US dollar
Grabs popcorn
Watching the already shit Canadian dollar...
looks up best noose rope
rope prices too high
Just in case...
I hope I live long enough to see the petrodollar die.
I'm going to love watching that smug tone vanish when you come to the realization that the US Dollar is a world currency and without it, it will cause widespread economic depressions across the world.
edit: I guess y'all don't like to hear the truth. go ahead and bury your heads in the sand while orange putin destroys the world economy.
I’d like them to focus on taking all the Americans who can contribute to the economy. I volunteer for tribute.
The problem is Canada doesn't want a bunch of Americans.
I'm currently up in Canada for an extended stay, it's honestly so much nicer than back home. I'm gonna be sad to leave. I too gladly volunteer as tribute.
Edit: also everyone here has been so incredibly welcoming
You should probably wait until after Monday to come home. Maybe something catastrophic will happen and you'll get stuck there. Oh noooo
Nice! I spent like one day in Vancouver and it blew my mind how CLEAN that big city was.
And also it was the first foreign country I had ever visited. I expected it to feel a lot...stranger? But nah. It felt like home. Just with occasional maple leaf flags instead of 1000 Stars and Stripes flying off every building lol.
People were super nice, too.
I got the vibe I could never afford to live there in a million years. Lol
Trump doesn't understand that tarrifs go both ways.
It's kind of amazing that his first priorty upon entering office is getting revenge and starting wars. What an incredible person and even more than that, an incredible leader. Amazing.
He doesn't care if Americans get hurt or suffer his batshit policies. His moronic base will support him even if they're suffering; they'll blame it on the brown people.
Please Canada listen to your best and brightest
This is pure genius. Hit them where it hurts the most while simultaneously benefiting consumers.
I don't understand why this isn't the first option when a treaty is violated? Whybwould Canada continue to enforce their side of a now nullified agreement? How does Canada benefit from this?
It's a good thought but much less practical than retaliatory tariffs. I don't think there is precedent (in recent times) of Western nations overtly violating each other's intellectual property rights.
Well now seems like a very good time to set a precedent
Vlad and Xi hi-fiving.
Indeed and the BS, from the Orange Stain, are orders from Moscow to divide NATO and US allies.
Canada doesn't have a military.
Nor would be able to be resupplied like Ukraine.It was a long us policy to keep it completely neutered so it will ultimately do whatever us asks, not sure why Trump had to aggravate it publicly cuz they don't have a way out anyways.
Good, Do it. Every country should do it. Make it fucking hurt.
I can't wait to not be able to afford diapers since racist rednecks elected a clown. It's like being held hostage on a train that's headed for a brick wall. Trying to raise a family through this is so hard.
Make smuggling contraband across the great lakes great again.
god imagine how much worse the gang violence will get when the canuck mafia starts mowing down border patrol agents.
Canadian Mafioso: "sorry" machine gun noises, screams
I've said this before, the EU should just invite Canada into the Union.
Canada would have to switch to European standards instead of US ones. Their companies wouldn't be happy.
How do Canadian companies like tariffs? Just saying, it's not impossible...
The Canadians can take the Blue States with them to the EU.
I'm not too sure they'd be such a great fit for the EU, culturally and socially. That sounds like we'd be taking in a Trojan horse.
I dream of this outcome. We’re more politically compatible with Western Europe than we are to the US.
Obligatory “Well, except Alberta” which you can literally derail any good idea with.
So they'll make Canadians pay import taxes on American goods. Do American exports to Canada compete with anyone on price? Surely it's mainly availability of goods?
a lot of it is about choice. whether its by foreign culture brainwashing/advertisement spam, or canadian products just being less popular. people tend to buy american products because the retailers are locked into supplying them. if that were to change the average consumer might have to change brands for food, pay more for luxuries, and say goodbye to some specific things for a while until replacements are found, but when national security is on the line, canadians need to learn how to go cold turkey and abandon this dependence on an obviously untrustworthy, unreliable, and hostile United States.
We have no choice-- we must give California to Canada to assuage their anger. A tariff war would be bad for business. Its a shame its come to this, but jobs might be at stake here.
While I love the idea, they'd never go for it. It would double their population instantly and completely upend their political system.
Well okay fine, just SoCal then!
...damn, your point still stands. ._.
Do it. Isolate this evil shithole until it collapses. Please do it.
The US needs to be broken up the way the USSR was.
Didn't that also give us Putin?
"Trump is more respected by other nations than Biden" part deux dipshit boogaloo
Nice try but US used blind misplaced faith in your own superiority. It was super effective.
If, as most economists agree, tariffs hurt the importing country most - why would Canada do that to its own people?
You misunderstand. Both countries relies on the other for goods that they don't have. If one of the parties suddenly says that their goods now are worth more, for no economic reasons other than to punish the second party, they have to match it. It's like game theory, you respond to injustice with a measured response similar to the first infraction.
Doing nothing would - in fact - benefit Trump. But Trump lives in a reality where no one except the US have the power to impose their will. Make no mistake, it will hurt both countries.
Tommorrow, "America" will become "AmeriKa." Canada will survive and make progress, while the US will regress and fall apart.
A lot of the issues in Canada are the same as the issues in America except dialed up to 11. It is way more likely that Canada falls apart before America does.
That would be idiotic and I imagine it’s just posturing.
Canada would lose that battle…hard.
Would it? It depends if all the other US trade partners also raise tariffs against the US (but not each other).
There is no winning for Canada here. Most Canadians are well aware of that. The goal is to make it hurt enough for Americans for the mutual hurt be as short-lived as possible.
As an elected official, Trump has to answer to the American people. If his policies worsen the affordability crisis (and retaliatory tariffs from Canada will achieve that for a notable subset of Americans) then he may be compelled to reverse course.