Financial Insights That Matter
WASHINGTON — Lawmakers and senior advisers in Washington are scrambling to react after U.S. President Donald Trump’s economywide tariffs on Canada and Mexico came into force.
Key members of Trump’s team fanned out to TV news programs today to link the damaging duties to the flow of deadly fentanyl into the United States.
Commerce Secretary Howard Lutnick says it’s a drug war, not a trade war.
Soon after, the president was on social media claiming there would be no tariffs on companies that move their operations to the U.S., and repeating the false claim that Canada doesn’t allow American banks to operate in Canada.
Democrat Minority Senate Leader Chuck Schumer says Trump’s tariffs will make everything more expensive for Americans.
Schumer says tariffs can be useful tools when implemented precisely against adversaries but it makes no sense to target America’s closest neighbours.
This report by The Canadian Press was first published March 4, 2025.
Kelly Geraldine Malone, The Canadian Press
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