The Big Story Canada's potential trade war
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Feb 3, 2025 The podcast dives into the escalating trade tensions between Canada and the U.S. as President Trump implements tariffs on Canadian goods. It discusses Canada’s strong retaliatory measures and a national call to support local businesses. Listeners learn about the economic ramifications, including projections of recession and rising unemployment caused by the tariffs. Provincial leaders share their responses, emphasizing the need to diversify trade relationships amidst growing consumer anxiety over prices and availability.
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Historic Trade Shift
- Trump's tariffs on Canadian goods mark a historic shift in trade relations.
- These tariffs, excluding oil and gas, are a 25% surcharge.
Justification for Tariffs
- Trump enacted tariffs using the International Emergency Economic Powers Act.
- He declared an economic emergency citing migrant and drug flow from Canada and Mexico.
Canada's Retaliation
- Canada responded with reciprocal 25% tariffs on $155 billion worth of US goods.
- These include everyday consumer goods like beer, wine, food, and clothing.