Prime Minister Justin Trudeau said Thursday that Canada will maintain tariffs on U.S. imports until President Donald Trump lifts duties on Canadian goods. Speaking at an event in Ottawa, Trudeau emphasized that Canada will not back down in response to what he called unjustified U.S. tariffs.
On Tuesday, Canada imposed 25% tariffs on $155 billion worth of U.S. goods, starting with $30 billion in immediate levies, with the remaining $125 billion set to follow later this month. The U.S. justified its tariffs on Canadian goods by citing fentanyl flows across the border.
Meanwhile, Trump announced a delay on tariffs for Mexican imports under the USMCA trade pact until April 2 and granted Ford (NYSE:F), General Motors (NYSE:GM), and Stellantis (NYSE:STLA) a one-month extension on potential auto tariffs. Shares of the three automakers fell Thursday after rallying the previous day.
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