This appeared earlier today.
Canada targets $170b of US goods, China takes matter to WTO
2.03PM Jan 2, 2024
China will take US to WTO over tariffs
Reuters, Bloomberg
China will take the US decision to impose an extra across-the-board 10 per cent tariff on Chinese goods to the World Trade Organisation.
The imposition of tariffs by the US “seriously violates” WTO rules, the commerce ministry said in a statement, urging the US to “engage in frank dialogue and strengthen co-operation.”
“China is strongly dissatisfied with this and firmly opposes it,” the statement said according to a Bloomberg translation.
“The US’s unilateral imposition of tariffs seriously violates WTO rules. It is not only ineffective in solving its own problems, but also undermines normal economic and trade co-operation between China and the United States.
“Regarding the wrong practices of the United States, China will file proceedings with the WTO and take corresponding countermeasures to firmly safeguard its rights and interests.
“China hopes that the United States will view and handle its own fentanyl and other issues objectively and rationally, instead of threatening other countries with tariffs. China urges the United States to correct its wrong practices, meet China halfway, face problems head-on, engage in candid dialogue, strengthen cooperation, and manage differences on the basis of equality, mutual benefit, and mutual respect.”
US President Donald Trump ordered 25 per cent tariffs on Canadian and Mexican imports and 10 per cent on goods from China starting on Tuesday, risking a new trade war that economists said could slow global growth and reignite inflation.
35 mins ago – 1.56PM
Americans stockpile toilet paper before tariff war
Bloomberg
Some Americans have already been prepping for an increase in the price of everyday goods. In a recent survey of 2000 US residents, one in three reported stockpiling daily necessities such as toilet paper and non-perishable food out of fear that tariffs would lead to higher prices.
Some 77 per cent of survey respondents said they were stockpiling toilet paper, just ahead of non-perishable food on 76 per cent.
Medical supplies and medicines were being stockpiled by 58 and 54 per cent of respondents.
Firearms came in at 26 per cent.
42 mins ago – 1.49PM
US aluminium industry calls for exemption for Canada
Bloomberg
The US aluminium industry called on President Donald Trump to exempt Canadian imports of the raw metal from his planned tariffs to help protect jobs and domestic manufacturers.
Trump announced Saturday 25 per cent tariffs on imports from Canada and Mexico and 10 per cent from China.
The US is heavily reliant on imported aluminium, which is used in construction and a wide range of manufactured goods, from car components to food packaging. Shipments of the lightweight metal from other countries accounted for 44 per cent of the approximately 4 million tonnes consumed in 2023. Canada was the source of more than half those imports, according to Morgan Stanley.
“To ensure that American aluminium wins the future, President Trump should exempt the aluminium metal supply needed for American manufacturers, while continuing to take every possible action at the US border against unfairly traded Chinese aluminium,” the Aluminium Association said in a statement on Saturday.
1 hr ago – 1.24PM
Canada responds with tariffs on $170b in US goods
Andrew Hobbs
Canada’s Prime Minister Justin Trudeau slammed Donald Trump’s decision to impose tariffs on it, saying he will put tariffs on $C155 billion ($170 billion) of US goods.
“Tonight, I am announcing Canada will be responding to the US trade action with 25 per cent tariffs against $C155 billion worth of American goods,” Trudeau said.
“This will include immediate tariffs on $C30 billion worth of goods as of Tuesday, followed by further tariffs on $C125 billion worth of American products in 21 days’ time to allow Canadian companies and supply chains to seek to find alternatives.”
Trudeau lamented Trump’s decision saying it will drive the two countries apart after years and years of close co-operation.
“From the beaches of Normandy to the mountains of the Korean Peninsula, from the fields of Flanders to the streets of Kandahar, we have fought and died alongside you,” Trudeau says.
“During your darkest hours during the Iranian hostage crisis, those 444 days, we worked around the clock from our embassy to get your innocent compatriots home.
“During the summer of 2005 when Hurricane Katrina ravaged your great city of New Orleans, or mere weeks ago, when we sent water bombers to tackle the wildfires in California” we were always there for you.
Trudeau encouraged Canadians to buy Canadian products and vacation at home rather than in the US.
He said some non-tariff measures, including some relating to critical minerals, energy procurement and other partnerships are being looked at.
Here is the link:
https://www.afr.com/politics/federal/trump-s-tariffs-will-start-on-tuesday-20250202-p5l8v1
All I can say it that I believe Donald Trump has become a global menace and I am not sure how the world can survive 47 more months of this utter stupidity. The world should be pretty worried with this lunatic loose….
I am sure glad I am not Justin Trudeau and the other leaders he is attacking!
Put simply, Trump has lost it.
David.