A former Canadian banker has accused the prime minister of “misplaced” Trump tariffs
Prime Minister Mark Carney said Thursday that Canada coincides with 25% automobile fares from the US and tariffs on vehicles imported from the US.
Trump has announced earlier25% tariff on automobile importsIt came into effect on Thursday. The Prime Minister said he called Trump last week and said he would retaliate against those tariffs.
“We reluctantly consider these measures, and in the way they were meant to cause the biggest impact in the US and minimal impact in Canada,” Carney said.
Carney said Canada will not place tariffs on auto parts like Trump did because Canada said Canadians know the benefits of the integrated auto sector. The parts can travel back and forth between Canada and the US border several times before they are fully assembled in Ontario or Michigan.
Carney said Canadians are already seeing the impact.
Automobile manufacturer Stellantis It said it had closed its assembly plant in Windsor, Canada for two weeks starting April 7, the local coalition said late Wednesday. James Stewart, president of Unifor Local 444, said there are more scheduling changes expected in the coming weeks.
Carney said it would affect the 3,600 auto workers he met last week.
Auto It is Canada’s second-largest export, and the sector directly employs 125,000 Canadians, with almost 500,000 in related industries.
Last week, Carney announced a $2 billion ($1.4 billion) “Strategic Response Fund” protecting Canadian auto jobs affected by Trump’s tariffs.
Trump previously placed 25% tariffs on Canada’s steel and aluminum. And Kearney said Canada could expect further tariffs on medicines, wood and semiconductors.
“The American administration should ultimately change course, given the future damage to their own people,” Carney said. “Their policies hurt American families, but I don’t think they’ll turn around until the pain becomes impossible to ignore, so the path to that point may really be long.
Carney,Two former central bankers in Canada and the UK said Trump’s actions would echo across Canada and around the world. “They are all unfair and unfair and misplaced in our judgment,” Carney said.
Retaliation tariffs worth Canada’s first $30 billion (US$21 billion) remain, and apply to items such as American orange juice, peanut butter, coffee, appliances, footwear, cosmetics, motorcycles, and certain pulp and paper products.
Carney has suspended the campaign to return to Ottawa to deal with Trump’s tariffs.
Conservative Opposition leader Pierre Polyable said he would remove federal taxes on Canadian-made vehicles.
Doug Ford, the Prime Minister of Ontario, who owns a large part of Canada’s automotive industry, calls Canada’s latest tariffs “a measured response.”
This story was originally introduced Fortune.com