Updated Story: February 3, 1:49pm
There will be no tariffs against Canada… for now.
This after Prime Minister Justin Trudeau announced that the 25 per cent tariffs that were slated to be levied against this country on Tuesday will be put on hold for another 30 days after what’s being reported as a “good” call with U.S President Donald Trump on Monday afternoon.
The threat of tariffs against Canada was initially brought forward by President Trump for a rotating number of reasons, including what he claims was a deluge of fentanyl crossing the border into the U.S, as well as feeling mistreated because U.S banks can’t operate in Canada with impunity.
Trump also backed down with his threats against Tariffs in Mexico on Monday, after the president of that country agreed to tighten up border security between the two nations.
Updated Story: February 3, 10:21am
U.S. President Donald Trump is pausing implementation of tariffs on Mexican imports for a month.
That development follows a discussion between Trump and Mexican president Claudia Sheinbaum. She confirms it, adding that her country will fortify its border with ten-thousand national guard troops. The move is intended to block drugs, especially fentanyl, from crossing into the United States.
Trump says during the month-long pause, talks will continue towards a permanent deal.
Original Story: February 3, 10:18am
Things remain up in the air following a morning telephone call between U.S. President Donald Trump and Prime Minister Justin Trudeau.
After the call this morning, sparked by a burgeoning trade war between the two countries, Trump took to social media to say American banks can’t “open” or do business in Canada.
He added that an influx of undocumented migrants and illegal drugs across Canada’s and Mexico’s borders are justification for a U.S.-led tariff war.
Trump says he’ll impose 25 per cent penalties on all Canadian imports except energy with electricity, natural gas, and oil suffering a ten per cent surcharge.
Ottawa plans to retaliate with immediate tariffs on 30-billion dollars worth of American imports.
Trump says he and Trudeau will be speaking over the phone again this afternoon.
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