The president of the United States, Donald Trump, is attacking in Canada and using some of the strongest languages that he has ever deployed against the single ally and the commercial partner, promising to ruin the country economically after Ontario raised a surcharge for electricity to the United States to hit his initial stretch of tariffs.
In a series of publications on social networks on Tuesday morning, the day after the electricity tax of the Ontario Prime Minister, Doug Ford, Trump said he will make Canada will pay “a financial price for this so large that it will be read in the history books for many years.”
Trump rose to the bet in his teasing of annexation by saying that the only way Canada avoids his attempts to torpedo the economy is that the country “becomes our precious first state of fifty.”
“This would make all the rates, and everything else, they disappear totally,” he said.
Trump said he has already instructed the Secretary of Commerce Howard Lutnick to put an additional 25 percent tariff especially the steel and aluminum that arrives in the United States from Canada, which carries the total rate of those products to 50 percent as of Wednesday.
He falsely said that Canada is “one of the nations with higher rates anywhere in the world.” Until Trump launched his commercial war, the majority of Canada-United States
Lorenda Reddekopp of CBC breaks down how Doug Ford’s plan to impose an electricity tax could affect the United States
Trump’s tariff uproar sent to the US stock market to a tail tail once again.
The S&P 500, which tracks the 500 largest American companies that are listed on the stock market, dropped eight percent only in the last month. Nasdaq with heavy technology is out of 10 percent.
Trump’s erratic approach for commerce and economics has sent traders of shares to a panic, which caused a race to sell shares since there is so much uncertainty with Canada, the largest client in the United States.
Trump’s refusal to rule out a possible recession has only worsened things.
“I hate to predict things like that,” Trump told Fox News during the weekend.
Trump also threatened to raise tariffs substantially to cars that arrive in the United States from Canada on April 2 to try to close that key industry on this side of the border.
Last week, Trump stopped 25 percent tariffs on some Canadian goods for another month after receiving the rejection of US business leaders who say that the commercial war is bad for financial markets.
But his decision to move forward with specific tariffs on steel and aluminum raises great concern for Canada, given the last time Trump imposed tariffs similar to those metals, there was a great fall in Canadian exports, threats of jobs and businesses.
According to Statistics Canada data, aluminum exports fell approximately halfway in 2019 as a result of Trump’s commercial action in its first mandate.
