President of the United States (US), Donald Trump, posted on his Truth Social account: ““Canada needs America, America does not need Canada.” Grant Cardone of Cardone Capital, on Stuart Varney & Co.”
A trade war involving North American neighbours, United States, Canada, and Mexico started on February 1, 2025, when U.S. president Donald Trump signed orders imposing near-universal tariffs on goods from the two countries entering the United States.
The order called for 25% tariffs on all imports from Mexico and all imports from Canada except for oil and energy, which would be taxed at 10%.
In response to the initial order, Canadian prime minister Justin Trudeau said Canada would retaliate with immediate 25 percent tariffs on CA$30 billion (US$20.6 billion) of American exports, which would expand to CA$155 billion (US$106 billion) after three weeks. Mexican president Claudia Sheinbaum said Mexico would enact tariffs and non-tariff retaliation against the United States.
Trump said the tariffs are intended to reduce the trade deficit of the US with Canada and Mexico and force both countries to ensure the security of their borders with the U.S. against illegal immigration and fentanyl analogues.
