Trump, who is working from his Mar-a-Lago estate in Florida this weekend, said on Friday that there was little that the top three US trading partners could do to forestall the tariffs.
But during a lengthy White House exchange with reporters, Trump brushed aside the notion that his tariff threats were merely bargaining tools.
He also said that revenue was a factor and the tariffs may be increased, adding: “But it’s a lot of money coming to the United States.”
Crude oil is the top US import from Canada, reaching nearly $100 billion in 2023, according to US Census Bureau data.
The Westridge Marine Terminal at the end point of the Trans Mountain Pipeline System in Burnaby, British Columbia, Canada. (Photo: James MacDonald/Bloomberg via Getty Images)Jake Colvin, president of the National Foreign Trade Council, which represents major US companies on trade matters, said imposing tariffs on key US trading partners “could impact the cost and availability of everything from avocados to air conditioners to cars and risks shifting the focus of our relationships away from constructive dialogue.”
Automakers would be particularly hit hard by higher costs, through tariffs on vehicles assembled in Canada and Mexico. Their vast regional supply chain, where components can cross borders several times before final assembly, would further exacerbate these costs.
White House spokesperson Karoline Leavitt said the tariffs would be implemented immediately, and details would be published on Saturday.
A public screen displays the figure for the SSE Government Bond Index in Shanghai, China. Investors are bracing for a torrent of tariffs by Donald Trump. (Photographer: Qilai Shen/Bloomberg via Getty ImagesCanada has drawn up detailed targets for immediate tariff retaliation, including duties on Florida orange juice, a source familiar with the plan said.
Mexican President Claudia Sheinbaum has also threatened retaliation, but said she would “wait with a cool head” for Trump’s tariff decision and was prepared to continue a border dialogue with him.
China “firmly opposes” Trump’s new duties, a spokesperson for Beijing’s embassy in Washington said, adding: “There is no winner in a trade war or tariff war, which serves the interests of neither side nor the world.”
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