Brace yourselves! 🌎 Countries around the world are gearing up to counter US President Donald Trump's latest tariff threats. On January 21, Trump announced plans to slap a hefty 25% tariff on all imports from Mexico and Canada starting February 1. 😮
This move didn't sit well with America's neighbors. Mexican President Claudia Sheinbaum fired back, warning that Mexico would unleash its own retaliatory measures. She noted that such tariffs would hurt both nations and throw a wrench into their economies. 🇲🇽🤝🇺🇸
Canada isn't staying silent either. Canadian Foreign Minister Mélanie Joly pointed out that American consumers would ultimately foot the bill for these tariffs. She declared that Canada is ready to retaliate with tariffs on American products like orange juice, toilets, and steel. 🍊🚽🔩
And they're not just words! Both Mexico and Canada have announced their own tariffs in response. This tit-for-tat could spell trouble for North America's auto industry and job market, putting a damper on economic growth across all three countries. 🚗📉
But wait, there's more! Countries worldwide are growing tired of the US playing hardball with tariffs. Many are making moves to reduce their reliance on the US market. 🌐
The European Union, a longtime US trade partner, is shaking things up. They're speeding up internal market integration and hustling to strike free trade deals with other economies. In December 2024, EU Commission President Ursula von der Leyen announced a monumental trade agreement with Mercosur, uniting over 700 million people in a massive free trade zone. This deal could save the EU an estimated €4 billion in tariffs in just the first year! 💶💪
The global trade game is changing, and nations are stepping up to protect their interests. It's a wild ride ahead! 🎢
Reference(s):
Countries worldwide deploy countermeasures to offset Trump's tariffs
cgtn.com
