US business leaders are offering a mixed reaction to the steep trade tariffs that Donald Trump’s administration has imposed on Canada, Mexico and China, as the editorial board of the Wall Street Journal called it “the dumbest trade war in history”.
Donald Trump hit Canada and Mexico with a 25% tariff on imports, and China with 10%, on Saturday in a move that launched a new era of trade wars between the US and three of its largest trading partners. The tariffs against Canada tax oil and energy products at 10%.
Trump said on his own Truth Social social media platform that he had used emergency powers to issue the tariffs, due to come into effect on Tuesday, “because of the major threat of illegal aliens and deadly drugs killing our Citizens, including fentanyl”.
The Journal said the moves “reminds us of the old Bernard Lewis joke that it’s risky to be America’s enemy but it can be fatal to be its friend”, adding that with the exception of China “Mr Trump’s justification for this economic assault on the neighbors makes no sense.”
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