Canada said on Feb 1 that it will retaliate against the US government's new tariffs with 25% levies on a raft of American imports, while Mexican President Claudia Sheinbaum said she had ordered the economy minister to implement tariff and non-tariff measures to defend Mexico's interests, after the US slapped 25% tariffs on Mexican and Canadian goods.
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NewsTranscript
00:00Tonight, I am announcing Canada will be responding
00:29to the U.S. trade action with 25% tariffs against $155 billion worth of American goods.
00:39This will include immediate tariffs on $30 billion worth of goods as of Tuesday, followed
00:46by further tariffs on $125 billion worth of American products in 21 days' time to allow
00:54Canadian companies and supply chains to seek to find alternatives.
00:59First, I want to speak directly to Americans, our closest friends and neighbours.
01:06This is a choice that, yes, will harm Canadians, but beyond that, it will have real consequences
01:14for you, the American people.
01:18It worries us a lot, we don't have more information about what type of products, which products,
01:25etc., etc.
01:26This, of course, is going to hit very hard on the entire manufacturing industry, because
01:31the entire manufacturing industry is the one that exports, and our main commercial partner
01:36here in Mexico is the United States.
01:39We have not developed other countries where we can export the products we make here in
01:45Mexico.
01:46We have the eggs in one basket.
01:48I consider that it is a mutual aggression, both against the United States and Mexico,
01:55because it will be the consumer who, in the end, pays for these decisions that are being
02:04taken.
02:05It will affect us a lot, because our economy depends on 80% of the United States, you can
02:11say, and it will have serious repercussions.
02:15And I think that Mexico also has to bend its hands, right?
02:21It has to do something different, so that it doesn't always depend on this type of
02:25blackmail from the United States.