US President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of tariffs on Chinese goods to 20%, setting off new trade conflicts with the US's three main trading partners.
The tariff actions, which could knock down nearly $2.2 trillion in annual two-way US trade, took effect hours after Trump said the three countries had failed to do enough to stem the flow of the deadly opioid fentanyl and its precursor chemicals into the US, A2 writes.
The premier of Canada's most populous province, Ontario, used strong language to threaten the United States with consequences for its tariff policy. "If they want to destroy Ontario, I will do everything I can to stop them from cutting off their energy," Doug Ford said. "You have to feel the pain. They want to hit us hard. We will hit back twice as hard."
Beijing, for its part, threatened a counter-reaction. The Foreign Ministry in Beijing announced that China would fight "to the end" if the US started a trade war.
"The Chinese people will never succumb to bullying or intimidation, or be thwarted by hegemony. Pressure, coercion and threats are not the right way to deal with China. Putting extreme pressure on China is aiming at the wrong target and making the wrong calculation," said Lin Jian, a spokesman for the Chinese Foreign Ministry.
The People's Republic of China will impose additional tariffs of ten to fifteen percent on certain US imports starting March 10, the Ministry of Finance said. Agricultural and food products are affected. In addition, twenty-five US companies were placed under export and investment restrictions. (A2 Televizion)
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