President Donald Trump called the punishing tariffs he announced on Wednesday “reciprocal,” claiming that the new levies on imports from pretty much every nation—including some that are longtime allies and others that are literally uninhabited—are in response to foreign tariffs levied against imports from the U.S. “and other forms of cheating.”
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00:00President Trump's announcement of universal tariffs on the whole world, including the European Union,
00:07is a major blow to the world economy. I deeply regret this choice. Let's be clear-eyed about
00:15the immense consequences. The global economy will massively suffer. Uncertainty will spiral
00:24and trigger the rise of further protectionism. And today I'm announcing that the Government of
00:28Canada will be responding by matching the U.S. approach, by matching the U.S. approach,
00:34with 25 percent tariffs on all vehicles imported from the United States that are not compliant
00:41with CUSMA, our North American Free Trade Agreement, and on the non-Canadian content
00:48of CUSMA-compliant vehicles from the United States as well. Our retaliatory tariffs that
00:53we previously announced in response to the U.S.-United States' other tariffs will remain
00:59in effect. You know, we take these measures reluctantly, and we take them in ways that
01:05it's intended and will cause maximum impact in the United States and minimum impact here in Canada.
01:24Because if Mexico doesn't put tariffs on the United States, the United States
01:31doesn't put tariffs on Mexico.
01:33China has repeatedly emphasized that there is no winner in the trade war and the tariff war,
01:38and there is no way out of protectionism. China urges the U.S. to correct its wrongdoings
01:44in a way that is equal, respectful, and mutual, and to deal with trade differences
01:50with countries around the world, including China. President Trump referred to reciprocal tariffs.
01:57A reciprocal tariff would be zero, not 10 percent. The Administration's tariffs have no basis in
02:05logic, and they go against the basis of our two-nations partnership. This is not the act
02:11of a friend. Today's decision will add to uncertainty in the global economy, and it
02:17will push up costs for American households. It is the American people who will pay the biggest price
02:24for these unjustified tariffs. This is why our government will not be seeking to impose
02:31reciprocal tariffs. We will not join a race to the bottom that leads to higher prices
02:37and slower growth. Clearly, there will be an economic impact from the decisions that the U.S.
02:43has taken, both here and globally. But I want to be crystal clear. We are prepared.
02:53Indeed, one of the great strengths of this nation is our ability to keep a cool head.
03:00I said that in my first speech as Prime Minister, and that is how I govern.
03:07That is how we have planned, and that is exactly what is required today.
03:14Nobody wins in a trade war. That is not in our national interest. We have a fair and balanced
03:21trade relationship with the U.S., negotiations on an economic prosperity deal, one that strengthens
03:29our existing trading relationship. They continue, and we will fight for the best deal for Britain.
03:36They're bad for the Irish economy, they're bad for the European economy, and they're bad for
03:40the United States, because what they do is they push up prices. They make things more expensive,
03:45and they certainly don't help consumers with the cost of living. That has been Ireland's
03:49consistent position. We deeply regret the announcement by the United States President
03:54last night for those reasons. We have built a relationship of prosperity,
03:59jobs and investment based on working together and trading together. I think though, now that
04:04the United States has had its big bag moment and made this announcement, now it's time to
04:09get around the table and try and find a negotiated way forward. The President in America is completely
04:14free to plot its own economic policy under the sovereignty of nation states. It's not a surprise
04:22that this is the agenda they've wanted to run with. We disagree with that agenda. We don't
04:25think that is good for global trade. We don't think countries do well when there are high tariffs
04:30and when there are trade wars. We much more believe that goods and services should be able
04:34to move freely around the world. New Zealand has built itself into a low tariff environment.
04:39Our exporters are deeply, deeply competitive. The products and services we sell are in huge
04:44demand around the world and that's why we're opening up as much trade with as many different
04:48countries as we possibly can.
05:14We are committed to the economy of all members of the Alliance. That's also the case for the European economy.
05:20Germany and Europe are still in favour of free trade. We are committed to cooperation, not confrontation.
05:26And we will defend our interests. Europe will respond strongly and adequately to the decision of the United States.
05:34Japan will respond strongly and adequately to the decision of the United States.