Canadian Prime Minister Justin Trudeau declared that his government will respond with "strong but reasonable" countermeasures against any tariffs imposed by the U.S.
"I won’t sugarcoat this—our country may face some difficult days and weeks ahead. I know Canadians are feeling anxious and uncertain, but I want them to know that the federal government—and all levels of government—stand with them," Trudeau said on January 31 during a meeting with an advisory panel on U.S.-Canada relations.
"We will not back down until these tariffs are removed. And of course, everything remains on the table for discussion," he added.
Escalating Trade Tensions
Later that day, the White House announced a 25% tariff on goods imported from Canada and Mexico, set to take effect by the end of the week.
Officials in Ottawa and Mexico City have already outlined plans to retaliate with tariffs of their own, raising the specter of a full-scale trade war.
Canada sends 75% of its total exports to the U.S., making it the country’s largest trading partner and closest ally. While Trudeau emphasized that his government does not seek an economic confrontation, he made it clear that if President Donald Trump follows through on his threats, Canada will respond accordingly.
The initial round of Canadian tariffs is expected to have a minimal impact on the U.S. economy, targeting $37 billion worth of American exports. However, Trudeau warned that if necessary, the federal government is prepared to expand tariffs to $75.6 billion worth of U.S. goods.
Trump’s Tariff Deadline
Since returning to the White House, Trump has repeatedly vowed to impose a 25% tariff on both Canada and Mexico, demanding that Mexico curb illegal immigration and Canada crack down on fentanyl trafficking.
Despite these threats, Trump did not sign the tariff orders immediately after taking office. Instead, he set a February 1 deadline for both countries to address his concerns.
Economic Fallout and Political Backlash
Following Trump's tariff announcement, the Canadian dollar (CAD) plunged against the U.S. dollar. Economists have warned that the tariffs could push Canada into a recession.
Trudeau had previously met with then-President-elect Trump in November 2024 to discuss trade issues, with both sides describing the meeting as "productive." However, Trump later criticized Trudeau and even suggested that Canada should become the 51st U.S. state.
(Sources: Reuters, Bloomberg, CBC)
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