Canada Announces MAJOR Retaliatory Tariffs Against America

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Canadian Prime Minister Justin Trudeau has announced immediate retaliatory tariffs against the United States following the tariffs that Trump put in place on Tuesday of this week. The Canadian tariffs will cover roughly $155 billion worth of goods coming from our country, and that’s just the beginning. Canada also has the ability to completely cut off most of our oil supply as well as the ability to cut power to millions of homes in the United States, which they are also threatening to do. Ring of Fire’s Farron Cousins explains what’s happening.
 
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

So immediately after Donald Trump announced that the 25% tariffs on Canada and Mexico and the 10% tariffs on China would go into effect on Tuesday, which he announced on Monday. And of course, that sent the markets in a downward spiral and forced economists and economic forecasters to adjust their forecast, who say that the US economy is going to shrink in the first quarter of this year and head into a recession in June. But immediately after all of that economic destruction took place, Canadian Prime Minister Justin Trudeau, announced that he too can play the tariff game and announced that Canada would be implementing tariffs on $155 billion worth of US goods flowing into Canada. Now, here's the thing that, uh, some people may not understand. We, the United States have a trade deficit with China, uh, excuse me, Canada, meaning we take more from them than they take from us.

So if there is a mutual 25% tariff, which there is now, more of the goods coming into the country will be tariffed, which we will pay, then goods leaving the country will be tariffed, which Canadians will pay. So we get the short end of the stick on that deal because of that trade deficit, we are more screwed than Canada is. But here's what Trudeau said in his announcement today, after a 30 day pause, the United States administration has decided to proceed with imposing 25% tariffs on Canadian exports and 10% tariffs on Canadian energy. Let me be unequivocally clear. There is no justification for these actions. Canada will not let this unjustified decision go unanswered. Should American tariffs come into effect tonight, which they did. Canada will effective 12:01 AM Eastern tomorrow Tuesday, respond with 25% tariffs against 155 billion of American goods, starting with tariffs on 30 billion worth of goods immediately, and tariffs on the remaining 125 billion on American products in 21 days time.

So the tariffs went into effect. That has already happened. So the retaliatory tariffs from Canada are also in effect on the 30 billion worth of goods, the other 125 billion coming in the next three weeks. And as Trudeau pointed out, this is unjustified, right? Donald Trump 30 days ago made all these demands. We met all of the demands, and yet here we are because Trump actually says we're not doing enough, even though we're doing a lot of what he already told us to do. Most of it we had already been doing, but okay, we're doing it. But then Trudeau decided to remind Americans what's gonna happen by saying this,

Because of the tariff tariffs imposed by the US Americans will pay more for groceries, gas, and cars and potentially lose thousands of jobs. Tariffs will disrupt an incredibly successful trading relationship. They will violate the very trade agreement that was negotiated by President Trump in his last term. And that, of course is correct. He is referring to the U-S-M-C-A. So Americans are getting screwed. Canada knows it. I think pretty much every other country in the world knows it. And most people in the United States also know that everybody, except for Donald Trump, really seems to have a firm grasp on who is actually gonna be paying these tariffs. And I do think Trump knows. I think he's just continuing to pretend he doesn't know because he likes to lie to people. I genuinely think he enjoys the lying. But another thing a lot of people may not know, in addition to the trade deficit thing, is that we get a majority of our oil here in the United States from Canada.