Trump Tariffs Shake Global Markets

On February 3, 2025, President Donald Trump escalated international economic tensions by imposing significant tariffs on imports from Canada, Mexico, and China. The administration announced a 25% tariff on most goods from Canada and Mexico, alongside a 10% tariff on Chinese imports. The White House justified these measures as necessary to hold the three countries "accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country."

The immediate global reaction was one of concern, with stock markets experiencing notable declines. In response to the tariffs, Canadian Prime Minister Justin Trudeau engaged in discussions with President Trump, resulting in a mutual agreement to delay the implementation of the tariffs by at least 30 days.

 Similarly, Mexican President Claudia Sheinbaum announced a one-month pause on the tariffs, emphasizing Mexico's desire for collaboration over confrontation. She stated, "Mexico does not want confrontation. We start from the collaboration between neighboring countries."

In a related development, Ontario Premier Doug Ford declared that Ontario would terminate contracts with Elon Musk's Starlink program unless the US lifted its tariffs on Canada.

Concurrently, Elon Musk, leading the Department of Government Efficiency, advocated for the dissolution of the US Agency for International Development (USAID). Over the weekend, USAID's website became inaccessible, and employees were instructed to remain home. This followed an incident where USAID's security director and deputy were placed on leave after attempting to prevent Musk's team from accessing classified systems. Musk labeled USAID a "criminal organization" and suggested it was "time for it to die," indicating

that President Trump concurred with the agency's shutdown.

These actions have drawn criticism from various quarters. New York Congressmember Alexandria Ocasio-Cortez expressed alarm, stating, "This is a five alarm fire. The people elected Donald Trump to be President — not Elon Musk." She emphasized the dangers of an unelected billionaire with personal foreign interests accessing U.S. classified information. Additionally, humanitarian organizations like Doctors Without Borders warned that dismantling the US humanitarian aid system could lead to an "unmitigated humanitarian disaster affecting millions of the world's most vulnerable people."

Image: The White House/Wikimedia Commons

Public domain.