U.S. President Donald Trump may be moving closer to imposing tariffs on Canada and Mexico before trade negotiations even start, reports the Wall Street Journal (WSJ).
Canada's total yearly trade with the U.S. in 2023 was approximately US$923 billion. This figure includes both goods and services, with U.S. exports to Canada valued at US$441 billion and U.S. imports from Canada at US$482 billion
It is said Trump — and his advisers — feels Canada is not taking his threat of a 25% tariff seriously. He wants Canada to remedy its alleged border security problems.
Several provinces, including Alberta, and the federal government have taken some action to accommodate Trump, who says Canada could become the fifty-first state.
"Momentum is growing among President Trump’s advisers to place 25% tariffs on Mexico and Canada as soon as Saturday, bucking conventional wisdom in Washington and on Wall Street that he would back off the threatened levies as he has in the past in exchange for concessions," wrote WSJ on Monday.
"Trump has shown a willingness to move swiftly on tariffs in recent days without allowing for drawn-out talks. On Sunday, Trump announced — and then backed off — a threat to impose 25% tariffs on Colombia, citing its initial refusal to accept repatriation flights from the U.S."