In a bold move, US President Donald Trump announced the imposition of 25% tariffs on all imports from Mexico and Canada, set to take effect on February 1. This decision underscores Trump's \"America First\" policy, aiming to protect American industries but sparking international backlash.
Mexico and Canada have swiftly responded with retaliatory tariffs. Mexican President Claudia Sheinbaum cautioned that these measures would disrupt bilateral trade and harm both economies. Meanwhile, Canadian Foreign Minister Mélanie Joly highlighted that American consumers would bear the brunt of increased costs, particularly on products like orange juice, toilets, and steel.
The automotive industry and job markets across North America face significant threats as these tariffs could stifle economic growth in the region. Beyond North America, the global community is taking steps to mitigate the impact of US trade policies. Countries are devising long-term strategies to reduce reliance on the US market, ensuring economic security and diversifying trade partnerships.
In a notable development, the European Union has accelerated its internal market integration and advanced negotiations for new free trade agreements. A landmark agreement with Mercosur, encompassing Argentina, Brazil, Paraguay, and Uruguay, was finalized by EU Commission President Ursula von der Leyen in December 2024. This deal, covering a free trade zone of over 700 million people, is projected to save the EU approximately 4 billion euros in tariffs during its first year, showcasing a strategic pivot towards broader global trade networks.
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Countries worldwide deploy countermeasures to offset Trump's tariffs
cgtn.com
