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Y Business: Trump Warns Canada of 25% Tariffs, Claims U.S. No Longer Needs Canadian Imports at World Economic Forum

During a virtual speech at the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump reiterated his plan to impose 25% tariffs on Canadian imports, claiming the trade imbalance with Canada is unsustainable. He suggested that Canada could avoid these tariffs by becoming a U.S. state, thus eliminating the trade deficit.

Trump expressed frustration with the U.S. trade deficit, stating, “We’re not going to have that anymore. We can’t do it. You can always become a state, and if you’re a state, we won’t have a deficit. We won’t have to tariff you.” He emphasized that the U.S. no longer needs Canadian products like cars, lumber, oil, and gas, claiming the country has sufficient resources of its own.

While Trump continued to push the false claim of a $200-billion to $250-billion trade deficit with Canada, the actual deficit is much lower, closer to $100 billion for goods. Including services, the U.S. trade deficit with Canada shrinks to about $65 billion. In reality, Canada runs a trade surplus with the U.S. due to oil and gas exports, while the U.S. maintains a surplus in non-energy goods.

Trump’s stance on trade reflects his zero-sum view, where trade deficits are seen as unfair disadvantages for the U.S. He has tasked his administration with exploring tariffs and other measures to address these imbalances, with a deadline set for April 1.

Despite Canada’s response to address U.S. concerns about border security and illegal migration with a $1.3-billion security package, Trump’s threats of tariffs continue to loom, and the focus remains on the perceived trade imbalance between the two nations

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