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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

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PoliticsCanada

Trudeau accuses Trump of sidling up to Russia and blasts new tariffs: ‘Donald, this is a very dumb thing to do’

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March 4, 2025, 2:51 PM ET
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A visibly angry Justin Trudeau denounced Donald Trump's tariffs on Canadian goods on March 4, 2025.Dave Chan/AFP
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Canadian Prime Minister Justin Trudeau called American tariffs “very dumb” and said that U.S. President Donald Trump is appeasing Russia while launching a trade war against Canada.

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In a blunt news conference during his final days in office, Trudeau said that Canada would plaster retaliatory tariffs on more than $100 billion of American goods in response to Trump’s 25% tariffs.

“Today the United States launched a trade war against Canada, their closest partner and ally, their closest friend. At the same, they are talking about working positively with Russia, appeasing Vladimir Putin, a lying, murderous dictator. Make that make sense,” a visibly angry Trudeau said.

Trump imposed tariffs against Washington’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin. Just after midnight, Trump put 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy.

“What he wants to see is a total collapse of the Canadian economy because that will make it easier to annex us,” Trudeau said. “That is never going to happen. We will never be the 51st state.”

Trudeau addressed Trump directly by his first name.

“I want to speak directly to one specific American, Donald,” Trudeau said. “It’s not in my habit to agree with the Wall Street Journal, but Donald, they point out that even though you’re a very smart guy, this is a very dumb thing to do.”

In a post on Truth Social, Trump said: “Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!”

Trump has threatened Canada’s sovereignty, provoking anger in the country. Canadian hockey fans have been booing the American national anthem at recent NHL and NBA games. Trudeau channeled the betrayal that many Canadians are feeling.

“Canadians are hurt. Canadians are angry. We are going to choose to not go on vacation in Florida,” Trudeau said. “We are going to choose to try and buy Canadian products … and yeah we’re probably going to keep booing the American anthem.”

The premier of Ontario, Canada’s most populous province, said that he would issue a 25% export tax on electricity sold to the U.S. and may later cut it off completely if the American tariffs persist. Ontario powered 1.5 million homes in the U.S. in 2023 in Michigan, New York and Minnesota.

Ontario Premier Doug Ford also told The Associated Press that he would stop the sale of nickel and rare minerals to the U.S.

Ontario and other provinces already began removing American liquor brands from government store shelves. The Liquor Control Board of Ontario sells nearly $1 billion Canadian dollars ($687 million) worth of American wine, beer, spirits and seltzers every year.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
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