Tariff crisis Trump's tariff policy

Clear: Canada scraps a series of retaliatory tariffs against the US

Canada will scrap retaliatory tariffs on a series of American goods that meet the conditions of the North American Free Trade Agreement USMCA. This was announced by Prime Minister Mark Carney on Friday, according to several media outlets.

The 25 percent tariffs on cars, steel and aluminum will remain, however, he stated according to the Canadian CBC.

Earlier in the afternoon, sources told Bloomberg and Reuters that Canada was expected to announce measures to reduce tensions with the US and get trade talks underway again.

Draghi: Tariffs shatter the EU's illusion of global power

2025 will go down in history as the year when the EU's illusion that its large economy gives it global influence went up in smoke. This is what former ECB head and Italian Prime Minister Mario Draghi said in a speech, according to Bloomberg.

“We were forced to accept the tariffs imposed by our largest trading partner and long-standing ally, the United States,” Draghi said.

The same ally also pressured us to increase our defense spending in ways that are unlikely to reflect Europe’s interests, he added.

The comments come a day after EU Trade Commissioner Maros Sefcovic called the trade deal “the best the United States has ever given to any partner.”