U.S. President Donald Trump has slapped Canada, Mexico and China with tariffs, in what has now begun a trade war in North America. Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on U.S. goods, and Mexican President Claudia Sheinbaum announced her country will also take measures to protect its interests.
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00:00Tonight, I am announcing Canada will be responding to the U.S. trade action with 25 percent tariffs
00:08against $155 billion worth of American goods.
00:14A trade war is brewing in North America.
00:18Canadian Prime Minister Justin Trudeau announces he's retaliating against recently announced
00:24U.S. trade measures.
00:26On Saturday, U.S. President Donald Trump ordered tariffs against Mexico, Canada, and China.
00:32He says it's in response to the flow of deadly synthetic painkiller fentanyl into the U.S.
00:38from Mexico and Canada with China as a supplier.
00:42The president will be implementing tomorrow a 25 percent tariffs on Mexico, 25 percent
00:49tariffs on Canada, and a 10 percent tariff on China for the illegal fentanyl that they
00:54have sourced and allowed to distribute into our country.
00:59Tariffs are taxes that importers must pay to bring in foreign goods, meaning American
01:04businesses will pay more to bring in products from targeted countries.
01:09These additional costs are often passed on to the consumer, resulting in higher prices,
01:15or businesses take the brunt at the expense of their profits.
01:19Trump is using tariffs to gain leverage over Canada, Mexico, and China.
01:24Trudeau says he's working with Mexican President Claudia Sheinbaum, who's also said Mexico
01:30will retaliate against Trump's orders with tariff and non-tariff measures to protect
01:36Mexican interests, a move labor unions hope will be enough.
01:49Meanwhile, China's embassy in Washington says there are no winners in a trade war.
02:06Trump has fired the first shot in this trade war, and both Canada and Mexico have responded
02:12in kind.
02:14With hundreds of billions of dollars worth of trade on the line, the North American economy
02:19now hangs in the balance.
02:20Devin Tsai and Leslie Liao for Taiwan Plus.