Canada will prevail against Trump’s tariffs, but “we have to go through that”: Minister of Finance

Federal Finance Minister Dominic Leblanc says that things could be “very hard” under US tariffs, but will help the case of Canada when that pain sits on both sides of the border.

“I am convinced at the end (Canada’s argument) will prevail, because it is of American economic interest not to enter this rabbit burrow,” Leblanc told The current Matt Galloway.

“But now that we are in that … we have to go through it and we have to do it in a way that supports Canadian companies and Canadian workers.”

President of the United States Donald Trump slapped 25 percent of tariffs in a wide range of Canadian products Saturday, with a lower 10 percent rate in the country’s energy products. Ottawa retaliates with 25 percent tariffs on $ 155 billion of US goods.

Trump also placed 25 percent tariffs in Mexico and 10 percent of tariffs on China. But Monday Trump delayed tariffs in Mexico for a monthAfter Mexican president Claudia Sheinbaum agreed to deploy 10,000 troops from the Mexican National Guard on the US border.

Look | Trudeau responds to US tariffs.

Trudeau in us the rates: “We do not ask for this, but we will not go back”

After announcing Canada’s response to American tariffs, Prime Minister Justin Trudeau said that the next few days will be “difficult for Canadians and that they will be difficult for Americans.” Trudeau said that Canada will impose a 25 percent rate on the goods of the United States worth $ 155 billion in response to rates of 25 percent of 25 percent of US president Donald Trump in most Canadian goods .

Prime minister Justin Trudeau spoke with Trump Monday morning. They are expected to speak at 3 pm et. Leblanc spoke with Galloway before that initial call, to discuss what the federal government is doing to win this fight and support the Canadians.

The Bank of Montreal says that Trump Hammer rates will fall strongly into the Canadian economy. How bad will this be?

I think it will be very difficult. Provincial governments and the Finance Department have analyzed several scenarios. What we still do not know is how fast the Canadian companies can answer.

I’m talking to you from Moncton, New Brunswick this morning. People are fishing lobster in Fundy Bay now, and 70 or 80 percent of that capture are sent to Boston. Then you can see that the price will increase by 25 percent tomorrow. So large and small sectors of our economy will be beaten.

Our government, of course, responded with some contrary measures that we can increase over time. We are convinced that in the end, Americans will conclude that it is not of their economic interest to continue with this type of round trip.

Look | Canada is returned after Trump imposes 25%tariffs:

Canada returns after Trump imposes 25% tariffs

The federal government announced a 25 percent tariffs on US goods, ranging from juice to appliances and cars, after President Donald Trump followed his tariff threats. The commercial war has people to buy Canadian while the reach of economic consequences expects to be seen.

There has been an endless guy for a transforder diplomacy from one side to another … Why (doing) do you think Canada’s efforts could not persuade (Trump) to change their minds?

I have asked myself that question, Matt, and I think my colleagues have also done so, because you are right, we made a considerable effort. The prime ministers made a very considerable effort to speak directly with American leaders (and). We believe we have a good story to tell border security, on the greatest work than RCMP and CBSA (Canada Border Services Agency) They have done it in recent weeks with their American partners.

There is no daylight between Canada and the United States to want to fight against such criminal activity (around fentanyl) or the horrible effects it has on Canadian and American communities. Then you are right, if that was the pretext for these rates, we believe that this argument should be resolved rationally. So, therefore, one asks the question, well, why did they continue with this decision on the weekend?

The approach to us, Matt, has to be: “Ok, they have done it.” What should we do to respond to get Canada in this circumstance as quickly as possible as we go through? What should we do with provinces and territories and other partners to support Canadian companies? So we are really going to focus on that.

Is there any margin of maneuver, do you think, to prevent these rates from entering your place tomorrow?

We do not believe it. We take note of what (Trump) said publicly at the end of last week … there are Nothing that Canada or Mexico could have done to avoid this.

He said he himself, that … is a bit contradictory for the idea that if we could show them and work with them to tell the good story about border security … they would calm down and these tariffs did not happen. So there is a lot of contradiction in much of what is said publicly. But we can spend a lot of time distracted by that.

Look | Trump says ‘Nothing’ Canada can do to stop the rates tomorrow:

Trump says ‘nothing’ that Canada can do to stop tariffs

The president of the United States, Donald Trump, says that there is nothing that Canada can do to stop 25%tariffs, since Ottawa prepares to retaliate with an “blunt but reasonable” economic response.

The Prime Minister will present the case to the President this morning why this is at risk of economic association and security and will damage Canadian and American companies in a way that is totally unnecessary.

We will continue making that argument. In the end, I am convinced that it will prevail because it is of American economic interest not to enter this horn of the rabbit. But now that we are in that … we have to go through it and we have to do it in a way that supports Canadian companies and Canadian workers.

There are people who are very, very anxious for what will support the next few days … What will their government do to help support Canadians who could be without work, maybe even temporarily, at the end of this week?

There are existing federal programs, Matt. Employment insurance is obviously one of them. We can adjust some of the criteria, some of the access to benefits. There are changes that we can make around shared work to allow more workers to remain employees to share, in other words, economic risk with companies.

All these programs are being observed, as, literally, the weekend and today. We have the ability to immediately put a series of flexibilities in existing programs. I can, as Minister of Finance, make sure there is liquidity in the economy, that companies have access to the money they need to continue operating.

Look | Canadians sound in Trump’s trade war:

Canadians sound at Trump’s commercial war

We ask Canadians: how worried is it about Donald Trump’s tariffs about Canadian goods?

What about people who care about their rent? I mean, will there be direct support to people who care that if they don’t work, they can’t keep the lights on at home?

There are programs that exist now to support these workers. And if we need to have different programs that meet a particular need, we will do it. Therefore, we will do what is necessary to guarantee, to their exact question, that these workers are not because of their own fault in an unsustainable economic position.

The good news is that many of those programs exist now. And if we have to have different in association with provinces that will want a step forward, then we will absolutely do it too.

What do you think of how Canadians are responding, not only booing hymns, but … in terms of talking about canceling holidays to the United States, observing Canadian policies? What do you do how we as Canadians have responded to this?

It is quite moving, to be honest. It is quite a movement to see how people who are not political responsible or business leaders or representatives of large groups of workers in their own daily routines and in their own decisions as consumers want symbolicly and substantially to do something to support the common cause.

Everyone tries from their little way of telling Americans: do you know what? The decades of friendship and association economically and from a security perspective cannot be expelled because a particular president decides for a reason that is not particularly clear … do this to the Canadian and American economy.