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China, Mexico, and Canada set to hit back at U.S. tariffs

WEB DESK: As President Donald Trump implemented new tariffs on the nation’s three largest trading partners this Tuesday, China, Mexico, and Canada responded swiftly, pledging to impose their own tariffs in retaliation. This tit-for-tat escalation raises concerns about a possible trade war that could have severe ramifications for the global economy.

President Donald Trump implemented sweeping 25% tariffs on imports from Mexico and Canada as of Tuesday, a bold move designed to exert pressure on America’s primary trading partners.

According to foreign news agencies, Canadian Prime Minister Justin Trudeau stated,  they will impose a 25 percent trade tariff on $155 billion worth of American goods, and that the tariffs will remain in place until the United States lifts its tariffs.

He said, the U.S. is talking about a trade war with Canada and positive relations with Russia, and that Canada will file this case with the World Trade Organization.

U.S. is talking about a trade war with Canada and positive relations with Russia, and that Canada will file this case with the World Trade Organization, said Trudeau

Justin Trudeau conveyed a message to the American President stating that we should work together for prosperity in North America, and we want to see our enemies in the fights among friends.

While on the other side, Trump raised tariffs on all Chinese imports from 10% to 20%, effectively doubling the duty. This increase adds to the existing tariffs on a significant volume of Chinese products. In response, both China and Canada swiftly implemented their own tariffs on American goods, raising concerns about the potential onset of a costly trade war.

Meanwhile, Mexico has indicated that it will unveil its retaliatory measures soon.

 Trump said, further tariffs would follow on April 2, including “reciprocal traffis” and non-tariff actions aimed balancing out years of trade imbalances.
“Other countries have used tariffs against us for decades, and now it’s our turn,” Trump said, citing high duties imposed on U.S. goods by India, South Korea, the European Union, China and others.
China’s foreign affairs ministry shot back defiantly: “If war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we’re ready to fight till the end.”
The moves, which could upend nearly $2.2 trillion in annual trade, came after Trump declared that the top three U.S. trading partners had failed to do enough to stem the flow of fentanyl and its precursor chemicals into the U.S.
Fresh produce, cars and cars part and electronics, including phones and computers, are among the top goods the US imports from Mexico, Canada and China that will now face tariffs between 20% and 25%.