Geline Salac

'We are not treated well by Canada': Trump talks tough on tariffs

Article (news)

Reuters Wires

<p>U.S. President Donald Trump paused new tariffs on Mexico for one month after Mexico agreed on Monday to reinforce its northern border with 10,000 National Guard members to stem the flow of illegal drugs.</p><div><a href="https://www.abs-cbn.com/news/business/2025/2/3/trump-pauses-mexico-tariffs-as-last-ditch-canada-talks-continue-0138">Trump pauses Mexico tariffs as last-ditch Canada talks continue</a></div><p>The agreement also includes a U.S. commitment to prevent trafficking of high-powered weapons to Mexico, Mexican President Claudia Sheinbaum said on X. The two leaders spoke by phone on Monday, just hours before U.S. tariffs on Mexico, China and Canada were set to take effect - steep levies that economists say would cause widespread economic harm, including raising prices for U.S. businesses and consumers.</p><p>The U.S. and Mexico will use the month-long suspension to engage in further negotiations, Trump said on social media.</p><p>The agreement comes less than 48 hours after Trump announced sweeping tariffs on goods from the top three U.S. trading partners - accounting for $2.1 trillion of annual commerce - was emblematic of the often chaotic nature of the early days of his second presidency. </p><div><a href="https://www.abs-cbn.com/news/business/2025/2/1/why-trump-vowed-new-tariffs-on-canada-mexico-eu-china-2358">Why Trump vowed new tariffs on Canada, Mexico, EU, China</a></div><p>While the deal eases the pressure for now on Mexico, prospects for a comparable reprieve imminently for Canada and China appeared dim, as Trump and his team kept up their criticism of the U.S. northern neighbor in particular.</p><div><a href="https://www.abs-cbn.com/news/business/2025/2/2/canada-to-file-wto-claim-against-trump-tariffs-0644">Canada to file WTO claim against Trump tariffs</a></div><p>&quot;We&#x27;re not treated well by Canada and we have to be treated well,&quot; Trump said during an executive order signing at the White House.</p><p>Trump said on Monday he had spoken with Canadian Prime Minister Justin Trudeau and would do so again at 3 p.m. ET (2000 GMT). The tariffs on Canada and China remain poised to begin at 12:01 a.m. on Tuesday (0501 GMT Wednesday), and Canada has announced retaliatory tariffs.</p><p>Fears of a deepening trade war and the economic damage it could cause sent U.S. and global stocks lower, although the announcement of the one-month waiver for Mexico helped reverse some of the decline.The benchmark S&amp;P 500 was down 0.6% around mid-afternoon, cutting its losses on the day by more than half. The surprise turn of events also relieved some of the pressure on Mexico&#x27;s peso.</p><div><a href="https://www.abs-cbn.com/news/business/2025/2/2/analyst-says-us-tariffs-may-lead-to-trade-wars-rising-costs-2214">Analyst says US tariffs may lead to trade wars, rising costs</a></div><div><a href="https://www.abs-cbn.com/news/business/2025/2/2/us-tariffs-a-blow-to-the-world-economy-0756">US tariffs: A blow to the world economy</a></div><p>Speaking in Washington on Sunday, Trump suggested the 27-nation European Union would be his next target, but did not say when.</p><p>Economists say the Republican president&#x27;s plan to impose 25% tariffs on Canada and Mexico and 10% tariffs on China would slow global growth and drive prices higher for Americans.</p><p>Financial market reaction on Monday reflected concerns about the fallout from a trade war, with stocks lower around the world, and the Chinese yuan, Canadian dollar and Mexican peso all slumping against a soaring dollar. With Canada and Mexico the top sources of U.S. crude oil imports, U.S. oil prices CLc1 climbed 0.5%, while gasoline futures RBc1 rose more than 2%.</p><p>Trump&#x27;s tariffs would cover almost half of all U.S. imports and would require the United States to more than double its own manufacturing output to cover the gap - an unfeasible task in the near term, ING analysts wrote.</p><p>(Production: Deborah Lutterbeck)</p>

<p>President Trump kept up his criticism of Canada on Monday after pausing new tariffs on Mexico for one month.</p>

President Trump kept up his criticism of Canada on Monday after pausing new tariffs on Mexico for one month.

'We are not treated well by Canada': Trump talks tough on tariffs

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'We are not treated well by Canada': Trump talks tough on tariffs

Reuters

Published Feb 04, 2025 06:35 AM PHT

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mexico

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