00:00President Trump's announcement of universal tariffs on the whole world, including the European Union,
00:07is a major blow to the world economy. I deeply regret this choice. Let's be clear-eyed about
00:15the immense consequences. The global economy will massively suffer. Uncertainty will spiral
00:24and trigger the rise of further protectionism. And today I'm announcing that the Government of
00:28Canada will be responding by matching the U.S. approach, by matching the U.S. approach,
00:34with 25 percent tariffs on all vehicles imported from the United States that are not compliant
00:41with CUSMA, our North American Free Trade Agreement, and on the non-Canadian content
00:48of CUSMA-compliant vehicles from the United States as well. Our retaliatory tariffs that
00:53we previously announced in response to the U.S.-United States' other tariffs will remain
00:59in effect. You know, we take these measures reluctantly, and we take them in ways that
01:05it's intended and will cause maximum impact in the United States and minimum impact here in Canada.
01:24Because if Mexico doesn't put tariffs on the United States, the United States
01:31doesn't put tariffs on Mexico.
01:33China has repeatedly emphasized that there is no winner in the trade war and the tariff war,
01:38and there is no way out of protectionism. China urges the U.S. to correct its wrongdoings
01:44in a way that is equal, respectful, and mutual, and to deal with trade differences
01:50with countries around the world, including China. President Trump referred to reciprocal tariffs.
01:57A reciprocal tariff would be zero, not 10 percent. The Administration's tariffs have no basis in
02:05logic, and they go against the basis of our two-nations partnership. This is not the act
02:11of a friend. Today's decision will add to uncertainty in the global economy, and it
02:17will push up costs for American households. It is the American people who will pay the biggest price
02:24for these unjustified tariffs. This is why our government will not be seeking to impose
02:31reciprocal tariffs. We will not join a race to the bottom that leads to higher prices
02:37and slower growth. Clearly, there will be an economic impact from the decisions that the U.S.
02:43has taken, both here and globally. But I want to be crystal clear. We are prepared.
02:53Indeed, one of the great strengths of this nation is our ability to keep a cool head.
03:00I said that in my first speech as Prime Minister, and that is how I govern.
03:07That is how we have planned, and that is exactly what is required today.
03:14Nobody wins in a trade war. That is not in our national interest. We have a fair and balanced
03:21trade relationship with the U.S., negotiations on an economic prosperity deal, one that strengthens
03:29our existing trading relationship. They continue, and we will fight for the best deal for Britain.
03:36They're bad for the Irish economy, they're bad for the European economy, and they're bad for
03:40the United States, because what they do is they push up prices. They make things more expensive,
03:45and they certainly don't help consumers with the cost of living. That has been Ireland's
03:49consistent position. We deeply regret the announcement by the United States President
03:54last night for those reasons. We have built a relationship of prosperity,
03:59jobs and investment based on working together and trading together. I think though, now that
04:04the United States has had its big bag moment and made this announcement, now it's time to
04:09get around the table and try and find a negotiated way forward. The President in America is completely
04:14free to plot its own economic policy under the sovereignty of nation states. It's not a surprise
04:22that this is the agenda they've wanted to run with. We disagree with that agenda. We don't
04:25think that is good for global trade. We don't think countries do well when there are high tariffs
04:30and when there are trade wars. We much more believe that goods and services should be able
04:34to move freely around the world. New Zealand has built itself into a low tariff environment.
04:39Our exporters are deeply, deeply competitive. The products and services we sell are in huge
04:44demand around the world and that's why we're opening up as much trade with as many different
04:48countries as we possibly can.
05:14We are committed to the economy of all members of the Alliance. That's also the case for the European economy.
05:20Germany and Europe are still in favour of free trade. We are committed to cooperation, not confrontation.
05:26And we will defend our interests. Europe will respond strongly and adequately to the decision of the United States.
05:34Japan will respond strongly and adequately to the decision of the United States.
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