Quotes
The surprise for markets … is that Canada and Mexico retaliated immediately and that others, i.e. China and the EU, may follow their lead, resulting in a sharp contraction in global trade,
Tony Sycamore, a market analyst at IG told Reuters
Trump’s trade war has started,
Alvin Tan, head of Asia currency strategy at RBC Capital Markets in Singapore told Reuters, noting it was hard to see the dollar retreating any time soonThe prospect of having a long and protracted trade spat between the world's two biggest economies is causing investors to take risk off the table today,
said Tim Waterer, chief market analyst at financial services firm KCM Trade
Repeated use of tariffs would incentivize other countries to reduce reliance on the US, weakening the dollar's global role,
she added
We’re really disappointed” and “perplexed” by Trump’s actions
Kirsten Hillman, the Canadian ambassador to the U.S., told ABC’s “This Week” show
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It will be paid for by American consumers. I mean, why would you want to get in a fight with your allies over this?"
Republican Senator Mitch McConnell said in an interview on CBS's "60 Minutes".
Economically speaking, escalating trade tensions are a lose-lose situation for all countries involved,
the analysts wrote in a note on SundayI don't expect anything dramatic,
Trump told reporters as he returned to Washington from his Mar-a-Lago estate in Florida
We may have short term some little pain, and people understand that. But long term, the United States has been ripped off by virtually every country in the world,
he saidDuring Trump’s first term in office, tariffs and trade tensions brought attention to the more general topic of the advantages but also disadvantages of globalisation,
said ING analysts led by Inga Fechner
We suspect the path of least resistance for now is for Asian currencies and risk assets to weaken, together with a greater risk premia to account for future meaningful tariff moves beyond what we have seen,
said Michael Wan at MUFG
This wasn't a shock -- it's been telegraphed for weeks -- but investors will still feel the jolt as markets adjust to a move almost universally seen as damaging to global growth and financial stability,
said Stephen Innes at SPI Asset Management
Because of the combination of these three countries, it’s going to be difficult to go down an aisle of a grocery store and not see some sort of inflationary effect,
Jason Miller, a professor of supply chain management at Michigan State University, said
For US manufacturers, when they import intermediate materials or products from China, the costs of those products will increase, and the price increase will be transmitted along the layers of the supply chain. US consumers could face price inflation on certain products of over 10 percent,
Zhou said
The unilateral imposition of tariffs by the US seriously violates the rules of the WTO. We urge the US to objectively and rationally view and handle its own fentanyl and other issues, rather than resorting to tariff threats against other countries,
the ministry said in a statementThis will be the golden age of America,
he posted in all caps on his Truth Social accountTariffs on lumber and other building materials increase the cost of construction and discourage new development, and consumers end up paying for the tariffs in the form of higher home prices,
Carl Harris, chairman of the association, said in a statement on SaturdayThere is no justification whatsoever for these [Trump’s] tariffs or this treatment,
Poilievre saidThere’s just a lot more complexity to understanding increases in prices that consumers could eventually see,
Miller saidAs trade barriers, tariffs can also cause domestic industries to become less competitive,
Fullerton said