According to Trump, the suffering endured by Americans “will all be worth the price that must be paid.”
Although President Donald Trump acknowledged that his tariffs on China, Canada, and Mexico may cause economic “pain” for Americans, he maintained that it would be “worth the price” to protect US interests.
“Will there be any discomfort? Indeed, perhaps (and perhaps not!). On his Truth Social social media account, Trump posted an all-caps message on Sunday morning.
“But we will Make America Great Again, and it will all be worth the price that must be paid.”
After his 2024 election victory was largely attributed to his unhappiness with rising costs, the president had resisted admitting that the trade war would hinder US GDP and raise prices, at least temporarily.
Trump has only imposed a 10 percent tax on energy imports from Canada in an effort to prevent a spike in fuel costs.
The president justified the “emergency” measures in his order by pointing to the trafficking of the lethal drug fentanyl and irregular immigration.
He has long seen trade imbalances as evidence of unfair treatment of the United States, but on Sunday he also voiced his broad fury at them.
“The USA has major deficits with Canada, Mexico, and China (and almost all countries!), owes 36 Trillion Dollars, and we’re not going to be the ‘Stupid Country’ any longer,” he stated.
Later in the evening, he informed reporters that he would discuss the tariffs on Monday with both Canada and Mexico.
Retaliatory actions have already been announced by Mexico and Canada. China promised to follow suit.
Getting ready for the fallout
Companies in North America prepared for the shift, which had the potential to completely disrupt a variety of industries, including consumer products, energy, and automobiles.
The three executive orders outlining the Trump tariffs are scheduled to go into effect on Tuesday at 12:01 a.m. ET.
Though some analysts indicated there was some optimism for negotiations, particularly with China and Canada, markets were anxiously watching developments.
Goldman Sachs economists wrote in a report on Sunday that “the tariffs look likely to take effect with only two days before implementation, though a last-minute compromise cannot be completely ruled out.”
They went on to say that the levies are probably only going to remain in place temporarily because the White House set very broad requirements for their removal, “but the outlook is unclear.”
Wishes for a consensus
The possibility of negotiations with the United States was left open by China. Its opposition to fentanyl was the most pronounced.
According to China’s Foreign Ministry, “Fentanyl is America’s problem,” and the country has taken significant action to address the issue.
Kirsten Hillman, Canada’s ambassador to the US, expressed optimism for an agreement on Sunday.
Hillman stated in an interview with ABC that “we’re hopeful that they don’t come into effect on Tuesday.”
According to Hillman, although Canadians expect their government to “stand up for itself,” Canadian authorities are willing to continue their dialogue with the United States.
Claudia Sheinbaum of Mexico also suggested communication with the US, but she is still awaiting Trump’s reaction.
