Canada’s initial retaliatory tariffs against the U.S. will remain despite Trump postponing 25% tariffs for a month, with $30 billion Canadian worth of tariffs already applied on various American goods. Ontario will charge 25% more for electricity shipped to the U.S., and British Columbia plans to levy fees on commercial trucks. Trump’s trade war actions have drawn immediate retaliation from Mexico, Canada, and China, impacting the U.S. relationship with its largest foreign supplier of oil, steel, aluminum, and uranium.
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IMF lifts 2025 growth forecast on ‘fragile’ easing in trade tensions
The IMF has raised its global growth forecast for 2025 to 3.0%, citing increased trade activity amid reduced tariff tensions from the Trump administration, though cautions about a potential slowdown in the latter half of the year. Additionally, US growth for 2025 was slightly revised up to 1.9%, while China's growth was adjusted to 4.8%, reflecting stronger-than-expected performance despite ongoing domestic challenges. Want More Context? 🔎
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