Bloomberg Tech Instant Reaction: Trump Tariffs Hit Mexico, Canada and China
Feb 3, 2025
Tensions are rising as President Trump threatens tariffs on Canada, Mexico, and China, sending shockwaves through the stock market. Analysts discuss the immediate fallout and concerns from leaders like Justin Trudeau about job losses and cost increases. The automotive industry braces for a staggering $60 billion in additional costs due to these trade measures, leaving consumers facing higher prices. The podcast dives deep into the geopolitical implications and varying viewpoints on this steep escalation in trade disputes.
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Tariff Impact
- President Trump's tariff threats caused a global stock sell-off.
- He plans to impose duties on Canada, Mexico, and China.
Canadian Response
- Canada's Prime Minister Trudeau plans retaliatory tariffs on US goods.
- British Columbia will remove alcohol from Republican-led states from store shelves.
China's Measured Reaction
- China's response to the tariffs has been muted so far.
- Stephen Engel suggests their reaction might escalate after the Lunar New Year holiday.