Canada and Mexico join forces to counterattack, the United States to impose tariffs on the EU.

Canada and orbex foreign exchange platformMexico are preparing to take joint countermeasures in response to the U.S. decision to impose tariffs on their goods. On February 2nd local time, Canadian Prime Minister Trudeau spoke with Mexican President Sheinbaum to discuss a joint response to the U.S. tariff issue. The leaders of the two countries agreed to strengthen cooperation in areas of mutual concern and enhance bilateral relations.

On February 1st, U.S. President Trump signed a tariff order imposing a 25% tariff on imports from Canada and Mexico, with Canadian energy resource products facing an additional 10% tariff. This tariff plan is expected to take effect on February 4th. The White House stated that if Canada and Mexico take retaliatory measures, the U.S. may further increase tariff intensity. This move significantly devalued the Mexican peso and the Canadian dollar, putting economic pressure on both countries.

In response to the U.S. tariff action, the Canadian government quickly released a list of retaliatory tariffs. Canadian Finance Minister LeBlanc announced a 25% tariff on C$155 billion worth of U.S. goods, and the first phase's complete list has been published, including beverages, cosmetics, and paper products. The second phase list is expected in the coming days, covering several key areas such as passenger cars, steel, and aluminum products.

Simultaneously, to mitigate the impact of tariffs on Canadian businesses, the Canadian government initiated a remission process allowing companies to apply for special tariff exemptions. The government also stated that if the U.S. continues to implement unreasonable tariffs, Canada will consider taking further measures, including non-tariff means.

On the Mexican front, President Sheinbaum also responded swiftly, announcing the launch of Mexico's "Plan B" to impose tariffs on U.S. goods entering Mexico. Sheinbaum emphasized that Mexico maintains independence and autonomy in international negotiations and expressed confidence in Mexico's ability to handle any challenges from the U.S.

Meanwhile, U.S. President Trump indicated plans to engage in discussions with Canada and Mexico on the tariff issue on the 3rd and revealed plans to impose tariffs on European Union goods in the near future.

In response to Trump's threat, a spokesperson for the European Commission expressed regret and reiterated that the EU would "respond firmly" to any unfair or arbitrary imposition of tariffs. The EU stressed the importance of keeping markets open and adhering to international trade rules for the global economy and stated they would continue to promote low-tariff policies while upholding a rules-based global trading system.

Currently, although U.S. tariffs on EU products have not yet taken effect, the EU has clearly stated that any unreasonable tariff policies will face strong countermeasures.

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