Who’s next for U.S. tariff threats? Everybody?

Hey there, time traveller!
This article was published 04/02/2025 (273 days ago), so information in it may no longer be current.

Operation Whack-All-The-Moles is already getting tiresome, and we’re only a couple of weeks in.

Obviously, when it comes to tariffs and Canadians, the biggest and most alarming situation is having our largest trading partner and closest neighbour not only launch a crippling trade war against our goods, but also hint darkly at trying to take over our country.

But beyond the serious situation facing this country, it’s worth having a look at the way U.S. President Donald Trump seems fixed on turning his nation into an economic pariah.

Trump on Monday delayed his 25 per cent tariffs against any product exported from Mexico or Canada. He has separately levied 10 per cent across-the-board tariffs against China.

But it hardly stops there.

Trump has also said he intends to launch 100 per cent tariffs against computer chips and semiconductors from Taiwan, along with tariffs for other Asian countries, as well as tariffs on steel and pharmaceuticals.

He’s threatening Britain with tariffs as well, but with a caveat, saying, “The U.K. is out of line. But I’m sure that one, I think, that one can be worked out,” because Trump says he’s “getting along very well,” with U.K. Prime Minister Keir Starmer. (We’d caution that a need to “get along” with Trump is hardly the kind of solid ground that companies need when they look at major investments in plants and manufacturing equipment.)

Then there’s the European Union, where Trump described trade as an “atrocity.”

“Am I going to impose tariffs on the EU? Do you want the truthful answer or shall I give you a political answer?” Trump asked reporters. Asked for a truthful answer, Trump replied, “Absolutely.”

He also said “I can tell you that, because they’ve really taken advantage of us. And, you know, we have over a (US)$300-billion deficit. I wouldn’t say there’s a timeline (for tariffs) but it’s going to be pretty soon.”

During the presidential election campaign, Trump also threatened India with tariffs, saying that country was a “very big abuser” of trade rules.

It’s not even just tariff battles: Trump also posted on Truth Social on Sunday “South Africa is confiscating land, and treating certain classes of people VERY BADLY … I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!”

At this point, what country would sign a trade deal with the United States? Or, for that matter, any deal? The message is clear: anything signed by the American government, any deal negotiated by common agreement, will be abrogated as soon as Trump doesn’t like it. The U.S. Congress, Senate and judicial system have been close to silent about the president’s tariff-fest, and that doesn’t look like it will change any time soon.

Yes, the U.S. is a massive market. Yes, it is our major trading partner.

But partners don’t treat each other like this.

Trump may have success with some of his tariff moves, and even if he doesn’t, he’s sure to reframe the narrative as having won the day, regardless of what happens. As the New York Stock Exchange plunged Monday morning, Trump suddenly thought that Mexico deserved a month-long break from his tariff threats and opened negotiations.

But whatever happens, the message to trading partners is clear: for right now, the United States is not dependable. And as more and more countries face Trump’s tariff threats, the sheer economic reality is that more and more countries will decide their futures lie elsewhere, building trade partnerships that exclude the U.S. as a member.

Once bitten, twice shy.