Summary
Canadian Prime Minister Justin Trudeau announced retaliatory tariffs after Donald Trump confirmed 25% tariffs on Canadian goods and 10% on energy, set to take effect at 12:01 a.m. Tuesday.
Trump justified the move by linking it to fentanyl smuggling concerns.
Trudeau called the tariffs “unjustified” and imposed 25% tariffs on $155 billion in U.S. goods, with $30 billion effective immediately and the rest in 21 days.
He warned of price hikes and job losses in the U.S., arguing the move violates Trump’s own trade agreement from his last term.
Tariffs on imports make the imports more expensive and push people to buy non-tariffed goods. This causes the exporting company to lose income from their exports
Capitalist companies may lose income from lost sales, but they will be raising prices to match the tariff. Probably throw an extra 5-10% on top of that for greed, because they can blame it all on the tariff.