The Tarriff Hype.

justfred

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I guess what Canadians can do is raise the price of what Americans want from Canada, more than they did before, plus 25%, and if Americans want to buy from home, let them do that. What creates a problem for the USA is they have to produce it, at home, at a price that they can then sell it, at the cheap price that they all expect.
 

Ron in Regina

"Voice of the West" Party
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So Americans will get to pay income taxes, & tariffs.

Canadians may get to pay income taxes, & a whole slew of carbon taxes, & if the current proposed retaliatory tariffs come into effect…then Canadians will pay Canadian imposed tariffs on top of that.
…& the retaliatory tariffs, while parliament is on hold through proroguation, have been called by the lame duck “supposedly outgoing” yet still PM in a minority gov’t situation without (I’m assuming) consulting with the opposition parties who currently represent the majority of Canadians.
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(He’s “committed to resigning” at a future date based off of the Liberal Party selection process for Leadership candidates, which isn’t resigning)
I guess what Canadians can do is raise the price of what Americans want from Canada, more than they did before, plus 25%, and if Americans want to buy from home, let them do that. What creates a problem for the USA is they have to produce it, at home, at a price that they can then sell it, at the cheap price that they all expect.
Ugh…here we go. Mr. Trudeau said Canada in response will impose 25 per cent tariffs on $155-billion of American imports, starting with $30-billion of goods on Feb. 4 and $125-billion 21 days later. Feb. 4 is the day U.S. tariffs hit Canadian products. America is (population wise) the dog and Canada is the tail. The tail doesn’t wag the dog.

Further, Trudeau said Canada is considering “non-tariff measures” on exports including critical minerals, energy and government procurement. “We will stand strong for Canada,” Mr. Trudeau told reporters in Ottawa…probably not while boxing up his personal possessions at the Prime Ministerial Cottage.
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The executive order signed by Mr. Trump threatens further escalation if Canada retaliates, setting the stage for an economically dangerous trade war between two of the wealthiest countries on earth, while striking away the free movement of goods that has for decades underpinned commerce in North America.
“Nice country that you’ve got there. Be a shame if something was to happen to it….”
Mr. Trump’s orders also place a 25 per cent levy on goods from Mexico. Chinese imports will face an additional 10 per cent tariff. The order takes effect on most goods at 12:01 a.m. Tuesday.
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(In the retaliatory clause, the order says the U.S. “may increase or expand in scope the duties” if Canada levies import duties or similar measures against U.S. goods)
Earlier, somewhere, I asked who actually has a mandate to govern Canada at this point? It’s not Trudeau & the Liberal gov’t in a minority situation single-handedly.
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Ron in Regina

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BRICS eh ?
BRICS is an intergovernmental organizationconsisting of ten countries—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. It is considered to be a counterpart and alternative to the G7 bloc of the world's largest economies and combined represent nearly half of the world's population.
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(This is ‘before’ the US election & Trumps tariff announcement now that he’s in power)
How many nations can Trump make Americans pay tariffs on their products & services simultaneously? Who’s left that Trump isn’t threatening tariffs upon?
He has not threatened Australia with tariffs yet…just say’n…back in October, Sheinbaum proposed the strength of the treaty, of the USMCA," responded the president of Mexico, Claudia Sheinbaum, in her morning press conference on Thursday in Mexico City, to a question from a reporter.

Sheinbaum has been in office as president of Mexico for less than 20 days. In the previous government, international media mentioned that Mexico was interested in joining the BRICS. “Our interest is to strengthen the trade agreement with the United States and Canada (USMCA) (...) There is a lot of interest in investing in Mexico and, regardless of the election in the United States, whether Donald Trump or Vice President Kamala Harris is president, this commercial relationship will continue,” she said. Another newbie…

From months ago…Considering both nations’ relationships with the USA currently, it is unlikely that Canada and Mexico would join BRICS to rid US Dollar. The greenback’s dominance over the world was challenged last year, in part due to internal factors and regulation in the US, as well as inflation.

While BRICS has aspirations to dump the US Dollar altogether for a BRICS global currency alternative and local currency, neither Mexico nor Canada appears interested. Both countries would have access to large markets and bargaining power in international affairs.

However, as mentioned previously, both Mexico and Canada have ties to the US. Hence, they will very unlikely join BRICS in 2024 to get rid of the US Dollar…& this was before Feb 1st, 2025.
 

petros

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Nov 21, 2008
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BRICS already has the majority of the global GDP behind it. G7 and US is aboot 10 points behind.

EU, G7 and Pacific partners need a single currency just to stay in existence.
 
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Ron in Regina

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BRICS already has the majority of the global GDP behind it. G7 and US is aboot 10 points behind.

EU, G7 and Pacific partners need a single currency just to stay in existence.
Single currency with whom? The US? Mexico? The US & Mexico? The US is tariffing Canadian & Mexican goods supposedly as of today (yesterday actually) for the privilege of being physically connected to the US and thus naturally America’s largest trading partners. Would that be in our (or Mexico’s) best interests at this point?
{What would be on the dollar (?) or Americano (?) or North American Peso or whatever? George Washington? A Mayan Pyramid? A semi-polite Beaver? A Bald Eagle? The McDonald’s Golden Arches?}

Is America right now, with this current ‘Trumpian’ behaviour, a wagon we want to hitch ourselves to further than we already are?

Canada will always only be physically connected to just that one nation to the south of us, but could something like the BRICS be a way to divest ourselves (and our currency) away from being further under Donald Trumps threats and manipulation? If not BRICS then the EU or something else, or both or whatever?

(China said in a statement that it was strongly dissatisfied with the levies and "firmly opposes" them. The 10% tax will be added over and above tariffs already imposed on China by Trump in his first term and by President Joe Biden)

Could Mexico & Canada bypass the US to some degree, increasing trade with each other, minimizing (it’ll never be eliminated) the effects of an America run by someone like Trump?
 

petros

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Single currency with whom? The US? Mexico? The US & Mexico? The US is tariffing Canadian & Mexican goods supposedly as of today (yesterday actually) for the privilege of being physically connected to the US and thus naturally America’s largest trading partners. Would that be in our (or Mexico’s) best interests at this point?
{What would be on the dollar (?) or Americano (?) or North American Peso or whatever? George Washington? A Mayan Pyramid? A semi-polite Beaver? A Bald Eagle? The McDonald’s Golden Arches?}

Is America right now, with this current ‘Trumpian’ behaviour, a wagon we want to hitch ourselves to further than we already are?

Canada will always only be physically connected to just that one nation to the south of us, but could something like the BRICS be a way to divest ourselves (and our currency) away from being further under Donald Trumps threats and manipulation? If not BRICS then the EU or something else, or both or whatever?

(China said in a statement that it was strongly dissatisfied with the levies and "firmly opposes" them. The 10% tax will be added over and above tariffs already imposed on China by Trump in his first term and by President Joe Biden)

Could Mexico & Canada bypass the US to some degree, increasing trade with each other, minimizing (it’ll never be eliminated) the effects of an America run by someone like Trump?
To beat BRICS its going to take everybody not BRICS having a single currency.The USD is dieing. A currency not USD will have to be created.

Gold didnt go up to an all time high, the USD is falling to an all time low and CAD PESO Euro Yen etc are all going along for the ride to hell.

Historically, Gold reached an all time high of 2817.12 in January of 2025. $4096.80 CAD
 
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Ron in Regina

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To beat BRICS its going to take everybody not BRICS having a single currency.
If America (via Trump) is attacking Mexico & Canada…more so that China that’s the ‘C’ in BRICS…is affiliating ourselves with the BRICS & EU (& Mexico and Canada more closely with each other) part of the solution to divesting at least partially away from the US?
The USD is dieing. A currency not USD will have to be created.
Does that currency have to involve the US while it’s behaving like it currently is? Does having a common currency with others excluding the US help buffer against the next time the US behaves like this?
Gold didnt go up to an all time high, the USD is falling to an all time low and CAD PESO Euro Yen etc are all going along for the ride to hell.
Good times. China is likely breathing a sigh of relief. Policymakers in Beijing have to be wondering how it happened that the United States tariffed its allies at 25 percent and its greatest economic challenger at 10 percent.

Of course, the 10 percent comes on top of the already existing tariffs in several sectors, but it still means that most goods from Mexico and Canada will face a steeper fine than those from China.

China’s economy is less dependent on trade than Canada and Mexico—and only 15 percent of its exports go to the United States, compared to nearly 80 percent for Washington’s neighbors.
 

petros

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We still have until Tuesday. Nobody is going to stop buying commodities. That shit gets ordered months and years in advance and sometimes exclusive. Theyll be dropped before Canada or US economy is impacted.

Are we anywhere near the threat that Mexico is? Mexican labour is cheaper than Chinese. China has been taking advantage of that and so has US manufacturing specifically auto industry.

As usual Liberals have driven down the dollar to keep Ontario auto manufacturing and parts alive which is making other products too cheap. Its not our commodities that are the bee in Grumpy Trumpy's bonnet, its the auto industry.

This trade battle with Canads is as old as we are and especially under Trudeau the elder. North American autos are garbage. If it werent for trucks manufacturers would have all died decades ago because of higher quality imports. Now China is in the game and dominating EVs globally.

The bargaining with Trump is the auto issue. Hes mentioned that issue consistently.

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China has been moving on Trumps threats in ways that do impact BRICS.

G7 in June is when the dust will settle.
 
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Twin_Moose

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Ron in Regina

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U.S. President Donald Trump signed an executive order Saturday that laid blanket 25 per cent tariffs on Canadian imports, with the exception of energy, which will be subject to a 10 per cent tariff.

Prime Minister Justin Trudeau announced counter tariffs on $30 billion in American goods, primed to rise to $155 billion later this month. The first round of tariffs in both directions are set to kick in Tuesday, Trudeau and Trump have said. Ugh…

So for reciprocal tariffs upon Canadians:

U.S. products subject to Canadian import tariffs, Feb. 4 2025​

Below is the full list of U.S. products identified by the federal Department of Finance as targets for 25 per cent import tariffs starting Feb. 4, 2025, valued at $30 billion in U.S. goods. (Page 1 of 210)

Table with 3 columns and 1256 rows. Currently displaying rows 1 to 6. Sorted ascending by column "Harmonized System (HS) Heading"
Tariff ItemHarmonized System (HS) HeadingIndicative Description
8414.51.10Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; gas-tight biological safety cabinets, whether or not fitted with filters.Fans: Table, floor, wall, window, ceiling or roof fans, with a self-contained electric motor of an output not exceeding 125 W Personal fans, mains powered; Table fans, single or variable speed, oscillating
8414.51.90Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; gas-tight biological safety cabinets, whether or not fitted with filters.Fans: Table, floor, wall, window, ceiling or roof fans, with a self-contained electric motor of an output not exceeding 125 W Other
3502.11.20Albumins (including concentrates of two or more whey proteins, containing by weight more than 80% whey proteins, calculated on the dry matter), albuminates and other albumin derivatives.Egg albumin: Dried Over access commitment
3502.19.20Albumins (including concentrates of two or more whey proteins, containing by weight more than 80% whey proteins, calculated on the dry matter), albuminates and other albumin derivatives.Egg albumin: Other Over access commitment
3502.20.00Albumins (including concentrates of two or more whey proteins, containing by weight more than 80% whey proteins, calculated on the dry matter), albuminates and other albumin derivatives.Milk albumin, including concentrates of two or more whey proteins
0809.30.10Apricots, cherries, peaches (including nectarines), plums and sloes, fresh.Peaches, including nectarines Peaches, not including nectarines, for processing
Table: Charlie Buckley, CTVNews.caSource: Department of Finance CanadaCreated with Datawrapper
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Yeah…page 1 of 210. Again…ugh.
Is it Tuesday already?
Canada’s minister of Newest New finance told CTV Question Period this morning that it’s unlikely our country can escape Trump’s tariffs ahead of Tuesday, when they go into effect.
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But…for Mexico & Canada, about 80% of their exports go to America…but for the USA, only about 40% of their exports go to Mexico, Canada, & China combined…so this will hurt American less, at least initially, but it will hurt them also.
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Taxslave2

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Aug 13, 2022
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Its not our commodities that are the bee in Grumpy Trumpy's bonnet, its the auto industry.
And naturally, OntariOWE and Otawaah's response is to either tax oil and gas out of the US market. Failing that, their plan is to ban exports of same. Whatever it takes to keep the Unifor vote.
 

Ron in Regina

"Voice of the West" Party
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The Wall Street Journal featured an editorial in its weekend edition declaring that if Donald Trump went ahead with his plan to impose tariffs on America’s two biggest trading partners, it would constitute “the dumbest trade war in history.”

He did, and it is.

The Journal’s argument, which reflects similar cases made in innumerable other sites on TV, in print and on the internet, is that the crusade Trump launched “makes no sense.” It will penalize goods Americans buy because they want them and need them.
Sunday felt like the morning after a marital break-up. There is the certain knowledge that there will be financial hardship down the road. But for now, there is just the sting of anger, bitterness and betrayal.

Canada is on the receiving end of a hostile act by a nation we considered our best friend. No wonder Canadians feel let down.
The closest parallel to Trump's action was the late president Richard Nixon's use of IEEPA's predecessor law, the 1917 Trading With the Enemy Act, to impose a 10% across-the-board U.S. tariff in 1971 to stem rising imports amid a balance-of-payments crisis after pulling the dollar off the gold standard.

Trade and legal experts said the 1977 International Emergency Economic Powers Act (IEEPA) is untested for imposing import tariffs and Trump's action will likely face swift court challenges that could set important precedents.

Courts upheld Nixon's action, but Jennifer Hillman, a trade law professor at Georgetown University and former World Trade Organization appellate judge, said Trump's action may not fit the emergency.
The Trump administration has already threatened that if Canada retaliates, the U.S. may up those tariffs to 50%. Good times. Canadian energy including oil, gas, critical minerals, electricity, and uranium received a reduced tariff of 10 percent.

Alberta Premier Danielle Smith took credit for her province’s oil sector getting a reduced 10% tariff, claiming her diplomatic efforts played a role. While denouncing Trump’s decision and saying she will work with her provincial and federal counterparts, Smith said that Canada must reorient trade to expand Canada’s opportunities.

“We must unleash the true economic potential of our country, which possesses more wealth and natural resources than any other nation on earth,” Smith said.
For far too long, we have restricted our own growth potential and limited our natural resources industry. Now, we may be forced to do what we should have been doing all along in the face of these American moves.

Whether we will do that, or stick to the low growth, low-carbon agenda of the Trudeau Liberals that put us in this weak spot, remains to be seen.
Trump on Saturday ordered sweeping tariffs on goods from Mexico, Canada and China, kicking off a trade war that could dent global growth and reignite inflation.

Energy products from Canada will have only a 10% duty, but Mexican energy imports will be charged the full 25%, White House officials said.

"Tariffs on Canadian energy imports would likely be more disruptive for domestic energy markets than those on Mexican imports and might even be counterproductive to one of the president's key objectives - lowering energy costs."

Canada and Mexico are the top sources of U.S. crude imports, together accounting for about a quarter of the oil U.S. refiners process into fuels such as gasoline and heating oil, according to the U.S. Department of Energy.

The tariffs will raise costs for the heavier crude grades U.S. refineries need for optimum production, industry sources said, cutting their profitability and potentially forcing production cuts. Whoopsies.

However, oil prices may fall beyond the next quarter as tariffs cause the demand outlook to deteriorate further and as OPEC+ has come under more pressure from Trump to unwind production cuts???
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(I’m assuming OPEC isn’t going to increase to 5,383,000 Barrels/day at the special discount price Canada subsidies America at, to replace Mexican & Canadian crude oil)

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, is unlikely to alter existing plans to raise output gradually when it meets on Monday, delegates from the producer group told Reuters, despite the pressure from Trump. Oh well, they produced the wrong grade of oil that so many US refineries are designed for to replace Canadian oil anyway.