- Industry and business leaders interact on President Donald Trump’s latest tariff.
- The Trump administration said on Saturday that it imposed new drawings on Canada, Mexico and China.
- All three countries pledged revenge, threatening a trade war.
Billionaires, industry leaders and executives interact on President Donald Trump’s tariff against Canada, Mexico and China.
The Trump administration said on Saturday that it imposed a 25 % tariff on the goods from Canada and Mexico and a 10 % tariff in China.
The advertisement sparked quick responses from the three countries. Canada and Mexico promised revenge definitions, and China has pledged “corresponding measures”.
Trump says the definitions are necessary to pressure Mexico, Canada and China to do more to stop the illegal fentanel flow to the United States. Excessive addiction and doses related to fentanel, artificial opium, has attracted the United States for years, which led to the city’s cavity and city neighborhoods throughout the country. The drug is often produced in China and is smuggled on the American border.
“Trump is taking bold measures to hold Mexico, Canada and China responsible for their promises to stop illegal immigration and stop the toxic fentanel and other drugs from flowing to our country,” the White House said in a statement on Saturday.
However, business leaders urge Trump to reconsider, for fear of a global trade war that can cause chaos in American industries.
Mark Kobe, a billionaire businessman
In a post on Bluesky, Cuban warned that new drawings would cost people money and hurt companies.
“I will put the hat of the rich man and say that I hope that Mexico and Canada will release the definitions of revenge and stick to it for a long time,” Kobe wrote.
“I apologize to all the people who will cost the money and the companies that will harm it. But it is the only way to see the customs tariff as it is.”
Toby Less, CEO of Shopify
In a post on X, Lütke, CEO of Canadian company Shopify, said he is disappointed by the American customs tariff and the response of the Canada government.
Canadian Prime Minister Justin Trudeau said on Saturday that Canada will impose a 25 % tariff on $ 155 billion (about 106 billion dollars) of American goods in the wake of the Trump administration decision.
But Lutek said that returning to “will not lead to anything good.”
“Canada flourishes when she works with America together. Winning America’s help win,” he wrote. “These definitions will be devastating for the life of many people and small companies.”
Ricardo Salinas Blao, Mexican billionaire
Blogo, the head of the retail group and banking Groupo Electra, criticized the definitions in a series of jobs on X but said that Mexico should not be decreased.
He wrote: “While things stand, there is nothing, but he bears this ordeal imposed on us.” “Perhaps, over time, the most prepared and reasonable minds will prevail in the United States of America and things will change, but this is not in our hands.”
“What we should not do certainly is to play the” boy’s hero “and throw ourselves in a vacuum, by putting more taxes on Mexican citizens, who are already suffering from Trump’s actions.”
Aluminum Association
The aluminum Association urged Trump to exempt Canada from the definitions, saying it was important to help protect jobs and local manufacturers.
In a statement on Saturday, Charles Johnson, president and executive director of the association, who represents aluminum production and functions in the United States, welcomed Trump’s efforts to “support American manufacturing”, but said that the industry force relies on imports from the north.
Johnson said: “Thanks to the strong local demand and the upcoming investment, the American aluminum industry needs a fixed and predictable supply of basic, secondary and scrap aluminum,” Johnson said. “Today, a lot of this mineral comes from commercial partners in North America, especially Canada.”
United Solid workers
USW, which represents 850,000 workers in metal, mining, and other industries, has also called on Trump to reconsider the customs tariff in Canada.
In a statement, international USW David McClic President “has long called for a systematic reform of our broken trade system, but revenge in the main allies like Canada is not the way forward.”
“Canada has proven itself over and over to be one of our strongest partners when it comes to national security, and our economies are deeply integrated,” the statement continued.
National Association of Manufacturers
The president and CEO of NAM, Jay Timonz, said that manufacturers are already facing increasing cost pressure and that the latest customs tariff for Canada and Mexico threatened “to provide supply chains that made us more competitive in the world.”
“The effects of ripple will be severe, especially for small and medium manufacturers,” added Timmons. “Ultimately, manufacturers will bear the burden of these definitions, undermining our ability to sell our products at a competitive price and put American jobs at risk.”
The National Association for Home Buildings
NAHB said that the definitions of Canada and Mexico can increase construction costs and ultimately lead to high home prices.
“More than 70 % of two basic substances depend on home builders – starting from wood and Roma (used in drywall) – from Canada and Mexico, respectively,” NAHB Chairman Karl Harris said in a statement.
“NAHB urges the administration to reconsider this procedure on the definitions.”
