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We'll discuss this topic and others, in this episode of Crossroads.
A trade war is kicking off between the United States and Canada.
The new Canadian Prime Minister, Mark Carney, is promising to win the financial battle against
the United States, President Donald Trump, meanwhile, he's working on his own response
and he says it will go down in history.
Now a key part of this is that the Premier of Ontario, Doug Ford, imposed a 25% surcharge
on electricity imports into three U.S. states, that's New York, Michigan, Minnesota.
And he's even threatening to cut off electricity to all three of these U.S. states if Donald
Trump escalates the trade war further.
I will not hesitate to increase this charge.
If necessary, if the United States escalates, I will not hesitate to shut the electricity
off completely.
Now on Trump's side, he came up with his own response to this surcharge saying, quote,
based on Ontario, Canada, placing a 25% tariff on electricity coming into the United States,
I have instructed my Secretary of Commerce to add an additional 25% tariff to 50% on
all steel and aluminum coming into the United States from Canada.
Now look, this tariff war that's now brewing, Trump has maintained that there are two ways
out for Canada.
One, they can become the 51st state, he's actually saying that, or they can move their
businesses to the United States to avoid paying these tariffs.
And this ties into the fact that Trump seems interested in bringing American manufacturing
back right here to the U.S.
And while we lost a lot of manufacturing jobs to China over the years, we actually lost
a lot of our jobs to Mexico and Canada.
That was partly because of NAFTA, the North American Free Trade Agreement.
And we'll have to see now, well, how far the U.S.-Canada trade war actually goes.
But it is escalating quickly, and it's very much shaking up the markets.
