'We will not hesitate': Canada prepares to hit U.S. with billions in tariffs
(www.thecanadianpressnews.ca)
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World NewsSummary
Canada is preparing to retaliate against Donald Trump’s proposed 25% tariffs on Canadian imports, which could trigger the largest trade war between the nations in decades.
Prime Minister Justin Trudeau promised counter-tariffs worth $37 billion, with potential for further measures, depending on Trump’s final order.
Canadian officials warn the tariffs could harm both economies, disrupting key sectors like automotive, energy, and agriculture.
Labor leaders expressed concerns over job losses and urged collaboration. Canada hopes to avoid tariffs by highlighting their mutual economic impact to U.S. lawmakers.
Watching the US dollar
Grabs popcorn
I'm going to love watching that smug tone vanish when you come to the realization that the US Dollar is a world currency and without it, it will cause widespread economic depressions across the world.
Vlad and Xi hi-fiving.
Repeated prisoners' dilemma. They have to threaten and they have to add tariffs if the US does, anything else would be bad strategy
It's not helped by the fact that Trump is corrupt and might have different winning conditions like "make Putin happy", but that doesn't change what Canada has to do.
I've said this before, the EU should just invite Canada into the Union.
If, as most economists agree, tariffs hurt the importing country most - why would Canada do that to its own people?
You misunderstand. Both countries relies on the other for goods that they don't have. If one of the parties suddenly says that their goods now are worth more, for no economic reasons other than to punish the second party, they have to match it. It's like game theory, you respond to injustice with a measured response similar to the first infraction.
Doing nothing would - in fact - benefit Trump. But Trump lives in a reality where no one except the US have the power to impose their will. Make no mistake, it will hurt both countries.
As an American surrounded by trump voting douchebags, I hope the economy crashes and people get a taste of what voting like a retard feels like.
when you have a certain world vue your frame of reference is this one. And you will prefer to hide reality for a very long time before admitting you made a poor decision. Worse admitting your point of view is not moral, or problematic.
All of this to say, people will not make a direct correlation between facts and their acts. They will find another plausible (for them) explanation.
What's america? Ill just know rusmerica. There is no America.
I get the feeling many of these people are also preppers and actively yearn for a crash to justify spending their lives readying for it.
I'm prepared, are they?
I love long-discredited economic ideas making a comeback. As someone who studied Econ, it’s just peachy seeing people vote to be poorer because no one remembers the last 50 times this was tried and didn’t work.
Please, everyone read about the 1800s. I’m not completely hostile to crypto but so many crypto people are like, “What if we had a ‘free banking’ era? Surely, there’s no downside.” And you just slam your fist on the table and say “Please read one AP American history book. An actual textbook, not a YouTube video. I’m not a particle physicist because I watch PBS Space Time.”
the principal hypothesis of the bitcoin experiment is that a central ledger and issuer is not actually necessary, and it's still going strong
central banks are a hell of a lot better than the hodgepodge that arose in the 1800s, but it's not proven that they will outlast an adequately designed decentralized implementation (whether it's bitcoin or something else)
there are plenty of problems down the road for bitcoin, but there are arguably more for central banks. can a centralized currency survive the failure of its backing empire?
Could you give me a quick summation of why a free banking era is a bad thing and how it relates to the 1800s?
Not trying to start an argument, just genuinely curious
So, essentially, every bank was issuing its own currency. But banks fail all the time. And no one knew what was real money. I’m saying this on Lemmy so I’m clearly for distributed things but cash money needs a central bank, for trust reasons. Gold is a stable element so it was that for centuries but it also led to horrible things. Like an entire hemisphere dying of smallpox.
So, long story short, after WWII. we settled on the U.S. dollar, which was then pegged to gold. Eventually, Nixon decided to unpeg it from gold. Which was fine because gold was arbitrary. We could have pegged it to any element on the periodic table. Bretton Woods is what to google to read more.
So, what is the dollar backed by now? Mostly the U.S. Navy and trust built over time. It’s not perfect. America has never defaulted on its debts and you can exchange dollars for local currency at any airport. The independence of the U.S. central bank is a big reason. But if you’re writing a contract for a global deal, you use dollars. If Argentina wants to buy something from Vietnam, the contract uses dollars.
In the 1800’s, there was no agreed upon currency. Banks made their own currencies. And it was a catastrophe.
Basically, if you go buy dope, the dope man isn’t taking foreign currency except maybe U.S. dollars. Euros are probably fine but the dope man isn’t taking shit that can’t be changed into local currency. He’s got bills to pay too.
American dollars have value for irrational reasons but they have proved the test of time.
I think it's a bit late to tell people to look up why this won't work, especially on Lemmy.
Everyone here knows Trump is not going to be good for the economy and can't or won't do anything about it.
I’d like them to focus on taking all the Americans who can contribute to the economy. I volunteer for tribute.
The problem is Canada doesn't want a bunch of Americans.
But but, I have good job, no guns, no criminal record, aaaaaannnnndddddd I like hockey. So, maybe? Like a trial basis? 😅
Hmmm...are you from Michigan? Minnesota?
I will be from wherever you want me to be.
I'm currently up in Canada for an extended stay, it's honestly so much nicer than back home. I'm gonna be sad to leave. I too gladly volunteer as tribute.
Edit: also everyone here has been so incredibly welcoming
You should probably wait until after Monday to come home. Maybe something catastrophic will happen and you'll get stuck there. Oh noooo
Nice, what part of Canada?
Ontario :)
OooOoooO fancy
We have no choice-- we must give California to Canada to assuage their anger. A tariff war would be bad for business. Its a shame its come to this, but jobs might be at stake here.
Eggs are going to be so cheap bro.
Just one more oil boom, bro. We promise not to piss this one away. C'mon, don't hit us with oil tariffs on our marginal product we can't get to market. Don't be a dick bro.
some car parts cross the border as parts en route to assembly plants, and then back again in fully-assembled vehicles.
Some cars cross the border 5 to 6 times while being assembled. Car prices are going to sky rocket.
So they'll make Canadians pay import taxes on American goods. Do American exports to Canada compete with anyone on price? Surely it's mainly availability of goods?
a lot of it is about choice. whether its by foreign culture brainwashing/advertisement spam, or canadian products just being less popular. people tend to buy american products because the retailers are locked into supplying them. if that were to change the average consumer might have to change brands for food, pay more for luxuries, and say goodbye to some specific things for a while until replacements are found, but when national security is on the line, canadians need to learn how to go cold turkey and abandon this dependence on an obviously untrustworthy, unreliable, and hostile United States.
an obviously untrustworthy, unreliable, and hostile United States.
Our countries were like best friends for so long. This makes me sad and angry. I feel like I'm gonna be this way for a while.
Our countries were like best friends for so long
If you guys could have not voted in a hostile garbage idiot whose idea of strength is going all bull in a China shop that friendship could have remained warn and fuzzy.
But now that you've gone and re-elected the guy who treated us like we're a hostile enemy (and said as much 5-6 years ago), we don't have much choice other than to take a few steps back and see other people.
.
I hope you guys can fix your issues, so we can feel like we can trust you again, but until then we have to do what's right for ourselves.
I hope you guys can fix your issues, so we can feel like we can trust you again, but until then we have to do what’s right for ourselves.
In before the whining about National security starts again.
I dont get it. They say they dont want to pay others bills anymore, but when they start making moves to detatch themselves from the US (the only way to provide for themselves without leeching off the US is to detatch...). they cry about their national security, which is just another word for their hegemony.
America doesn't want allies, America wants an empire of subservient vassal states who do nothing but buy their goods and services, and provide them raw materials and clients. this is not the behaivor of an ally, this is the behaivor of a hostile force. its just a shame that we're dealing with multiple of those in the world at the same time. (Russia, China)
Yeah, I get it. I don't know how to fix it because apparently we want this.
You don't want this. I don't want this. Not even half of the voting public want this. And yet it's happening. We don't know how to fix it because it's broken by design. The purpose of a system is what it does.
Canadian friends, best of luck moving forward. I hope you can do a better job than we did of staving off the torrent of bullshit.
I just wish yall decided to have your meltdown -before- Russia turned fascist, got bold, and decided to start shooting wars.
Europe is asleep at the wheel, disarmed themselves a decade ago and are now playing catchup and sitting on their hands with a wait and see attitude. Its a very "Adults have left the room" feeling. New adults are going to have to step up.
At least the Russians are greedy fucking idiots or we'd all be in big trouble
About 277 Billion worth of goods annually.
You can look it up if you just type the question into a search engine, instead of making up facts.
https://tradingeconomics.com/canada/imports/united-states
Add a 5% levy on that and it's nearly 12 billion in tax revenue extracted from Canadian business and consumers under the guise of sticking it to Trump.
Didn't mean to represent my statements as factual, just personal observation.
I'd still argue that it's not impossible for us to navigate around that. But I don't have any statistical basis for thinking that. If our dependence is that large then maybe America will annex us. Lord knows I wouldn't survive such a thing. So maybe I'm delusionally trying to be hopeful about having a future at all.
The US cannot "annex" or "invade" Canada.
Both are key members of NATO. That means that all other members must defend any fellow country if it's invaded. Almost the entire western world - INCLUDING AMERICA - would have to defend Canada.
It's just Trump spreading lies and misinformation to distract from him stealing American's money. Same as always.
The NATO Alliance consists of 30 member states from North America and Europe. Article Five of the treaty states that if an armed attack occurs against one of the member states, it should be considered an attack against all members, and other members shall assist the attacked member, with armed forces if necessary.
