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Canada announces limited countermeasures against US and calls Trump's move a tragedy

Mark Carney, the Canadian Prime Minister, announced on Thursday a limited number of countermeasures against U.S. Tariffs while calling President Donald Trump’s protectionist measures a tragedy for international trade.

Carney stated that the Canadian government would copy the U.S. strategy by imposing 25% tariffs on all vehicles imported into Canada from the United States which are not in compliance with the U.S. Mexico-Canada trade agreement. Carney said at a press event that the new tariffs will not affect auto parts or vehicle content coming from Mexico.

The American administration must change its course, given the potential damage that could be done to the American people. Carney warned that he did not want to "give false hope" and said it would take time for the United States' approach to change.

Carney stated that Canada would maintain its tariffs announced previously.

Trump's new duties sent shockwaves throughout the markets on Thursday. The 10% tariff on all U.S. imported goods, coupled with higher duties for some countries, caused investors to abandon risky assets, as they feared Trump would disrupt global trade.

"The 80 years when the United States assumed the role of global economic leader, when they forged alliances founded on mutual trust and respect, and promoted the free and open trade of goods and service, are over. Carney called it a "tragic event". (Reporting and editing by Will Dunham; David Ljunggren)

(source: Reuters)