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Trump initiates trade war, hitting Canada with massive tariffs. Trudeau calls emergency cabinet meeting

Trump's massive trade action is expected to take effect on Tuesday. Trudeau has called an emergency cabinet meeting for 3 p.m. ET, and then will be speaking with premiers at 4 p.m. ET.
The article from BNN Bloomberg discusses Canada's readiness to implement retaliatory tariffs should former U.S. President Donald Trump follow through on his threats to impose new tariffs if he wins the 2024 election. Trump has previously suggested a 10% tariff on all imports and a 60% tariff on Chinese goods. In response, Canadian Deputy Prime Minister Chrystia Freeland has indicated that Canada would not hesitate to retaliate with its own tariffs, drawing on the experience from the 2018-2019 trade dispute where Canada successfully countered U.S. steel and aluminum tariffs. Freeland emphasized the importance of defending Canadian workers and industries, highlighting the potential economic implications and the need for a strong, united front in trade negotiations. The article also touches on the broader implications for global trade relations and the potential for increased economic tension between Canada and the U.S.

Read the Full bnnbloomberg Article at:
[ https://www.bnnbloomberg.ca/business/politics/2025/02/01/developing-canada-prepared-to-hit-back-with-retaliatory-tariffs-should-trump-follow-through/ ]