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Produced by: Cory Ray, Philip DeFranco
Edited by: James Girardier, Maxwell Enright, Julie Goldberg, Christian Meeks, Matthew Henry
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#DonaldTrump #Canada #Tariffs
Subscribe for more Quickie News: https://www.youtube.com/defranco?sub_confirmation=1
——————————
Produced by: Cory Ray, Philip DeFranco
Edited by: James Girardier, Maxwell Enright, Julie Goldberg, Christian Meeks, Matthew Henry
Art Department: William Crespo
Writing/Research: Jared Paolino, Philip DeFranco
————————————
#DonaldTrump #Canada #Tariffs
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NewsTranscript
00:00We're gonna talk about the tariff updates.
00:01So starting with the latest trade war news,
00:03we've got 25% tariffs on all steel
00:05and aluminum imports going into effect,
00:07Canada and the European Union swiftly retaliating,
00:09and then Trump threatening to retaliate
00:11against their retaliation,
00:12including with a whopping 200% tariff on all wines
00:15and spirits coming from the EU.
00:17But specifically at the beginning,
00:18let's start with those 25% steel and aluminum tariffs,
00:21as those are the most sweeping ones yet,
00:23and they apply to imports from all US trading partners
00:25with no exceptions or exemptions.
00:27And notably, many domestic steel
00:29and aluminum manufacturers support this move,
00:31saying that it's going to protect their industry
00:32against foreign competition.
00:33But this also, of course, is by and large of economists
00:36warning that they will raise the costs
00:37for many American businesses,
00:39including manufacturers of cars, canned food and drinks,
00:42solar panels, and other products.
00:43With, of course, those extra costs
00:45then likely being passed on to American consumers.
00:47And that beyond that cost,
00:48the move has royally pissed off our closest allies.
00:50Where Canada, for instance,
00:51is the largest supplier of steel and aluminum to the US,
00:54and in response to the Trump tariffs,
00:55it's imposing 25% reciprocal tariffs
00:57on steel products worth nearly $9 billion
01:00and aluminum products worth roughly $2 billion.
01:02And that is in addition to various other items,
01:04including tools, computers, water heaters,
01:06sports equipment, and cast iron products
01:08worth around $10 billion.
01:09So that brings the total value
01:11of newly taxed Canadian imports from the US
01:12to almost $21 billion.
01:14And notably, that's in addition to 25% counter tariffs
01:17already imposed on another $20 billion of US imports
01:20put in place in response to other Trump tariffs
01:22that he's delayed by a month.
01:23Now with all that, right, Mark Carney,
01:24who will soon be sworn in as Canada's next prime minister,
01:27he says he's ready to negotiate
01:28a renewed trade deal with Trump
01:30as long as there is respect for Canadian sovereignty.
01:32Something that seemingly Trump so far
01:34has not been interested in
01:35as he continually and repeatedly made comments
01:37about Canada becoming the 51st state,
01:39including just on Tuesday when he was actually threatening
01:41to double the steel and aluminum tariffs
01:43to 50% for the country.
01:44But in any case, we then need to move on to the EU
01:46where I'll start by noting that Trump slapped
01:48similar tariffs on European steel and aluminum
01:50during his first term in office as well.
01:52And what we saw back then was the bloc retaliating
01:54with 25% tariffs on some 180 types of products
01:58worth more than $3 billion at the time.
01:58So then all of that went away under the Biden administration
02:01but now on April 1st,
02:02the EU tariffs will reportedly be back in place,
02:04including on iconic American products
02:06such as Harley Davidson motorcycles, bourbon, and blue jeans.
02:09But then on April 13th,
02:10additional taxes being levied against
02:12another almost $20 billion in American exports to the bloc
02:15with a list of targeted goods there being dominated
02:17by meat, produce, and alcoholic beverages.
02:19But I mean, it includes everything from chewing gum
02:21to communion wafers, nicotine patches,
02:23and even women's negligees.
02:25And with all of that,
02:26the duties are clearly aiming to hit pressure points
02:28in the US economy
02:28while minimizing additional damage to Europe.
02:30And in fact, we've seen EU officials making clear
02:32that the tariffs are aimed at products
02:34made in Republican-led states.
02:35And with that, while understandably,
02:37a number of places are gonna run that as the headline,
02:38blue states, of course,
02:39are also going to be affected as well.
02:41I mean, Illinois, for example,
02:42they're the number one US producer of soybeans,
02:44which are also on the list.
02:45And with that, you have European Commission president,
02:47Ursula von der Leyen,
02:48claiming that the response was intended to be strong
02:50but proportionate and that the EU stood ready
02:52to engage in a meaningful dialogue.
02:54And then adding to that, saying tariffs are taxes.
02:56They are bad for business and worse for consumers.
02:59Nobody needs that on both sides,
03:00neither in the European Union nor in the United States.
03:03However, with all that,
03:04the response that we've seen from Trump
03:05has been to suggest counter counter tariffs.
03:07With us seeing him in the Oval Office yesterday,
03:09repeating his pledge to enact reciprocal tariffs
03:11across the board.
03:12So whatever they charge us, we're charging them.
03:14The United States of America is gonna take back
03:17a lot of what was stolen from it by other countries
03:20and by frankly, incompetent US leadership.
03:23And then today Trump upped the ante,
03:25specifically in response to the EU's retaliatory tariffs
03:27and one product in particular, 50% on whiskey.
03:30With Trump saying,
03:31if this tariff is not removed immediately,
03:32the US will shortly place a 200% tariff on all wines,
03:35champagnes and alcoholic products coming out of France
03:37and other EU represented countries.
03:39With him also claiming the EU is quote,
03:41one of the most hostile and abusive taxing
03:43and tariffing authorities in the world,
03:45which was formed for the sole purpose
03:46of taking advantage of the United States.
03:48So it's gonna be very interesting
03:49to see what all comes from that,
03:50especially because the US is actually
03:52the world's largest importer of wine
03:54and champagne from the EU.
03:55So you know, a 200% tariff could be pretty devastating.
03:57And at the same time though,
03:58the American whiskey industry is also set to take a beating.
04:01In fact, according to the Distilled Spirits Council
04:03of the US, which has spoken out against the tariffs,
04:05the EU is the largest export market for American liquor.
04:08Not to mention that the backlash to tariffs in Canada
04:10has reportedly led to canceled shipment orders
04:12and stalled liquor agreements
04:13with potential trading partners.
04:14But you know, some places even pulling
04:15American made alcohol off the shelves,
04:17which is something the CEO of the company
04:18that makes Jack Daniels understandably says
04:20is even worse than a tariff.
04:22So, you know, for now,
04:23we're gonna have to wait to see how things play out.
04:24Do the tariffs stick?
04:25Do they get paused?
04:26Do they get pulled back?
04:26Do the tariffs then result in counter tariffs
04:28that result in counter tariffs
04:29that result in counter tariffs?
04:30You know, just super fun stuff.
04:32Cause you know, I think we'll all agree with each other.
04:34What we need right now is more uncertainty,
04:36especially in regards to everyday people going,
04:38am I gonna be able to afford shit?
04:40Hey, thanks for watching.
04:41And I hope you enjoyed this clip
04:42from the full Philip DeFranco show.
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