Mark Carney Warns 'Pain' and 'Damage' Coming for Americans
Source: Newsweek
Published Apr 03, 2025 at 12:45 PM EDT | Updated Apr 03, 2025 at 5:39 PM EDT
Canadian Prime Minister Mark Carney warned that Americans will experience "damage" and "pain," during a Thursday announcementthat his country will impose retaliatory tariffs on U.S. vehicle imports in response to President Donald Trump's newly implemented 25 percent auto tariffs. Newsweek has reached out to the U.S. Treasury and Department of Commerce for comment via email on Thursday.
Why It Matters
Canada, one of the closest U.S. trading partners, announced retaliatory tariffs on Thursday in response to Trump's "Liberation Day" tariffs the day prior, which included a 25 percent auto tariff on Canada. Trump has argued that the dozens of global tariffs he imposed Wednesday are necessary to restore U.S. manufacturing, while economists have warned that companies will pass off the prices to American consumers, resulting in higher prices. The stock market tumbled Thursday morning as investors grappled with the economic impact of the tariffs.
What To Know
In a Thursday announcement, Carney, who has served in the role since March after succeeding Justin Trudeau, said Canada will match U.S. tariffs. Carney for years worked in central banking. He clarified that the Canadian tariffs will target vehicle imports rather than auto parts, which are included in the American measures. Autos are the country's second-largest export.
"Given the prospective damage to their own people, the American administration should eventually change course," Carney said. However, he added:"Although their policy will hurt American families, until that pain becomes impossible to ignore, I do not believe they will change direction, so the road to that point may indeed be long. And will be hard on Canadians just as it will be on other partners of the United States."
Read more: https://www.newsweek.com/mark-carney-warns-pain-damage-coming-americans-2054983
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... that were never approved by the US House of Representatives, which is the sole authority for levying taxes in the USA.
