Summary

Donald Trump launched a trade war against Canada by imposing a 25% tariff on nearly all Canadian goods, including a 10% levy on energy products.

His action, intended to pressure Canada to curb fentanyl flows, contradicts official trade figures and ignores that most deficits result from American demand for cheaper Canadian oil.

The tariffs, set to remain until Canada complies, could cost billions to Canada’s economy and disrupt $800 billion in annual trade.

Canada is expected to retaliate, forcing Prime Minister Trudeau to respond amid escalating cross-border tensions.

  • Flying Squid@lemmy.worldEnglish
    26·
    10 hours ago

    Implementing a tariff without giving businesses an alternative is a self-inflicted wound in a trade war.

    • LifeInMultipleChoice@lemmy.worldEnglish
      10·
      10 hours ago

      Being that we cut regulations over and over the number of refineries to oil in the U.S. decreased drastically over the years. It is why we had shortages while having loads of crude oil laying around. A quick search shows that building a refinery takes 3-5 years. So unless we can use the refineries we have to produce the fuel we need, we may hit years of higher prices. (Our lifting costs are much higher)

        • LifeInMultipleChoice@lemmy.worldEnglish
          11·
          10 hours ago

          I’m looking forward to not being able to afford to live anymore soon. It currently costs me $20 a day to go to work. Just the .75 cents on gas would cost me $120 a month extra right now. Food costs are already outrageous. Certainly going to need a lot more ramen. I have chickens for eggs, but I should figure out some good ways to can/preserve vegatables this season for next winter. I can’t just throw everything in the freezer, not enough room.