Canada and Mexico have slammed retaliation tariffs on US goods.
NaijaOnPoint Nigeria reports that US East Asian allies respond to tariffs US allies Japan and South Korea are both assessing the potential impact of Trump’s tariffs on their countries and on global trade.
Japan’s finance minister said Tokyo was “deeply concerned” about the potential repercussions of the tariffs on global trade.
“We’re deeply concerned about how these tariffs could affect the world’s economy,” Japanese Finance Minister Katsunobu Kato told a Sunday show on Fuji TV.
The minister also said it was important to “thoroughly assess” the tariffs’ policy’s potential impact on the foreign exchange market.
“Japan needs to scrutinise these policies and their effects, and take appropriate measures,” Kato said.
South Korea’s acting President Choi Sang-mok meanwhile instructed government agencies to closely monitor any impact on domestic firms and the economy.
Canadian Prime Minister Justin Trudeau said that Canada would be imposing tariffs on American goods in response to US President Donald Trump’s import tax decision.
“Tonight I am announcing Canada will be responding to the US trade action with 25% tariffs against $155 billion worth of American goods,” Trudeau said.
Trudeau began his address to Canadians with a message directed at American consumers.
“It will have real consequences for you, the American people,” he said, saying it would result in higher prices on groceries and other
goods.
“We’re certainly not looking to escalate. But we will stand up for Canada, for Canadians, for Canadian jobs,” Trudeau said, as he warned of a fracture in longstanding Canada-US ties.
The announcement came after Trudeau met with Canadian lawmakers.
“We did not want this, but Canada is prepared,” Trudeau said before the announcement in a post on X.
On Friday, Trudeau had warned of a “forceful and immediate response” if the US followed through with the threat of tariffs.