Ontario Premier Doug Ford has expressed his support for retaliatory tariffs in response to U.S. President Donald Trump‘s proposed 25% tariff on automotive imports.
What Happened: According to a report by CTV News, Ford urged Prime Minister Mark Carney to convene a first ministers’ meeting following Trump’s announcement.
Ford, speaking at Queen's Park on Wednesday, emphasized a “tariff for tariff” approach, while awaiting Trump’s actions on April 2.
"I do not want to hurt other provinces, but I can assure you one thing, we're going to make sure that we inflict as much pain as possible to the American people without inflicting pain on the Canadian population," Ford added.
He has been vocal since the trade tensions began in February, even threatening to cut off electricity to certain U.S. states. Ford has also engaged with American media and met with U.S. Secretary of Commerce Howard Lutnick.
Ford has requested Carney to gather the premiers early next week to strategize a “team Canada approach” before the auto levy is enacted. He aims to minimize harm to Canadians while maximizing impact on the U.S.
Ford plans to meet with auto sector leaders to discuss the potential implications of Trump’s tariffs, expressing skepticism about the feasibility of implementing such measures by April 2. He reiterated the need for Canada to stand firm against U.S. trade actions.
Why It Matters: The proposed 25% tariff on auto imports by President Donald Trump has stirred significant controversy and concern both domestically and internationally.
The tariffs are expected to generate $100 billion annually and are intended to boost U.S. domestic production. However, this move could financially strain automakers that rely heavily on international supply chains.
The impact of these tariffs is not limited to the U.S. Elon Musk, CEO of Tesla Inc. TSLA, has warned of a “significant” impact on the company due to the tariffs. Despite manufacturing vehicles domestically, Tesla imports parts from other countries, particularly China, which could lead to increased costs.
Economists and market analysts have also expressed concerns over the potential economic fallout of these tariffs. The tariffs could lead to higher car prices and put upward pressure on interest rates, potentially pushing the economy towards a recession.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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