The last significant trade conflict between the U.S. and Canada was indeed during the Great Depression in the 1930s. The Smoot-Hawley Tariff Act of 1930 led to increased tariffs on thousands of imported goods, which resulted in retaliatory tariffs from Canada and other countries, exacerbating the economic downturn.
The last big trade war between the U.S. and Canada was in 1930 at the start of the Great Depression. pic.twitter.com/i5Pa4W4H98
— Mac10 (@SuburbanDrone) January 21, 2025
Market hasn’t digested yesterday's developments for #silver. Trump threatening to impose 25% tariffs on Mexico and Canada, which account for ~50% of the U.S. silver imports and >1/3rd of total consumption, on 2/1. Silver could gap 20+% higher in the coming days. #silversqueeze
— JC (@j16425646) January 21, 2025
Holy crap… he is really going to tariff-Milkshake Canada and Mexico to oblivion… 😮💥 https://t.co/79Hy811lTT
— Eric Yeung 👍🚀🌕 (@KingKong9888) January 21, 2025
President-elect Donald Trump has recently called on the European Union to increase its purchase of American oil and gas. He warned that if the EU doesn’t address the trade imbalance by buying more U.S. energy, tariffs could be imposed.
The United States is calling on the European Union to buy more American oil and gas to avoid tariffs.
The United States plans 25% tariffs on Mexico and Canada by February 1.
Trade wars…
— Gold Telegraph ⚡ (@GoldTelegraph_) January 21, 2025
Trump is on his way to impose 25% tariffs on Mexico and Canada starting February 1st…
The rest of the countries (China) – later.
meaning? Another step to break up Bretton Woods.. without the American deficit – the world economy is in trouble.
The UK and European bond… https://t.co/KkQrLhZQ0I
— Amit Noam Tal (@amital13) January 21, 2025
Here are the products and companies most at risk from Trump’s tariff plans
- Tariff proposals put the complex global supply chain front and center as President-elect Donald Trump was inaugurated Monday.
- On the campaign trail, Trump said he would add tariffs for goods made in other countries, especially China.
- Those higher costs on sneakers, cars, furniture and more could force many consumers to change their buying habits.
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