JAKARTA - US President Donald Trump and Canadian Prime Minister Justin Trudeau are scheduled to speak, a day after Trump's new tariff of 25% on imports from Mexico and Canada comes into effect.
The application of import rates that could increase annual trade by nearly $2.2 trillion came after Trump said three major US trading partners had failed to do enough to stem its fentanyl and precursor chemicals from going to the US.
Canada later announced immediate retaliation for tens of billions of dollars worth of goods, prompting Trump to threaten even greater tariffs.
In his speech before Congress, Trump said further tariffs would be imposed on April 2, including a 'reciprocal rate' and non-tariff measure aimed at balancing trade imbalances over the years.
Other countries have been applying tariffs to us for decades, and now it's our turn, Trump said, citing the high tariffs imposed on US goods by India, South Korea, the European Union, China, and other countries.
China's Ministry of Foreign Affairs retaliates in a challenging tone: "If war is what the US wants, be it tariff wars, trade wars, or other types of war, we are ready to fight until the end."
Trade Minister Howard Lutnick said US officials had spoken to Mexico and Canada "all day round" and may still make partial resolutions with the two neighboring countries, adding that they needed to do more in terms of fentanyl.
"I think there will be some movement. It won't lose the rate, but it might change the rate a little bit," he said.
Lutnick said Trump was considering providing some relief to companies complying with the rules under the US-Mexico-Canada Agreement on renegotiated trade by 2026.
Trump praised his tariff agenda for his efforts to curb the frentanyl overdose crisis, and Ukraine's mineral deal in a televised nationally broadcast on television at a joint Congressional session on Tuesday night.
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Meanwhile, Canadian Prime Minister Justin Trudeau described the tariff as "a very stupid thing to do" and retaliated at a rate of 25% against US imports worth C$30 billion ($20.7 billion), including orange juice, peanut butter, wine, alcoholic beverages, beer, coffee, household appliances, and motorcycles.
Meanwhile, Mexican President Claudia Sheinbaum vowed to retaliate but without details.
Sheinbaum will announce Mexico's response on Sunday.
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