Tariff tensions escalate: Canada and Mexico retaliate against Trump
The American Fuel & Petrochemical Manufacturers Association (AFPM) has expressed concern over President Trump's decision to impose a 10% tariff on the import of crude oil and energy goods from Canada and Mexico. The organization hopes that the tariff will not remain in effect for an extended period.
The AFPM expressed hope for a swift resolution with North American partners to exclude crude oil, refinery products, and petrochemicals from the tariffs before these measures begin to affect consumers.
The industry concerned about Trump's decision
President Donald Trump signed an order on Saturday imposing significant 25% tariffs on imports from Canada, Mexico, and China, including somewhat lower 10% tariffs on crude oil and other energy goods from these countries.
The White House cited the influx of fentanyl across the northern and southern US borders, China's involvement in supplying drug cartels, and the influx of illegal immigrants from Canada and Mexico to the US as the official reasons for imposing these tariffs.
There is already a response
The President of Mexico, Claudia Sheinbaum, ordered on Saturday the imposition of tariffs in retaliation for the 25% tariffs imposed on imports from Mexico by US President Donald Trump.
"We categorically reject the slander made by the White House against the Mexican government, claiming it has links with criminal organizations, as well as any intentions of interfering with our territory," Sheinbaum wrote on platform X.
Canadian Prime Minister Justin Trudeau also responded and announced that Canada will impose 25% retaliatory tariffs on American goods valued at 155 billion Canadian dollars (about 115 billion USD).
The Prime Minister warned that Canadian tariffs will harm the American economy. He encouraged Canadians to buy Canadian goods and spend their vacations in their own country rather than the United States.
