President Donald Trump defended his use of tariffs as a correction for what he called years of trade imbalance during a bilateral meeting with Canadian Prime Minister Mark Carney. https://www.foxbusiness.com/politics/trump-defends-tariffs-says-us-has-been-the-king-being-screwed-trade-imbalance
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Trump said during the Oval Office meeting: “Was the king harmed by the tariffs?” He added: “I’m not talking to Canada, I’m talking to countries all over the world,” referring to China and the 27 member states of the European Union.
Trump praised Carney as a “strong, world-class leader” before concluding the conversation with a quip about his desire to “be a great man, too.” The meeting marks Carney’s second visit to the White House in five months, where leaders discussed trade policy as Carney faces mounting pressure to respond to US tariffs targeting Canada’s steel, auto and manufacturing sectors.
“We want Canada to do a great job,” Trump said. “But there comes a point where we want the same work — that’s the problem.”
Economic relations and investment
Carney said that Canadian investments in the United States could reach one trillion dollars within five years, adding that Canada is America’s second largest trading partner and its largest foreign investor. Trade relations between the United States and Canada exceeded $762 billion last year, as Canada depends on the United States for more than three-quarters of its exports and nearly half of its imports.
US exports to Canada will reach nearly $350 billion in 2024, underscoring the depth of cross-border economic ties. Carney added: “We will get the right deal, the right deal for America, and the right deal, in my view, for Canada.”
Tariff revenues and legal challenges
Trump’s comments come after consecutive record tariff revenues in August and September, which totaled $62.6 billion. Total customs duty revenues for fiscal year 2025 reached $215.2 billion, according to “Customs and Certain Excise Taxes” figures released on September 30 by the Treasury Department.
Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before rising to $28 billion in June and reaching $29 billion in July. U.S. companies pay these import taxes directly to the federal government, but often pass the cost on by raising prices.
The Supreme Court is examining the legality of Trump’s sweeping trade policy, which the White House has defended as a legitimate use of presidential powers to protect the economy. “We look forward to a final victory in this matter with the Supreme Court,” White House spokesman Khush Desai wrote.
Source: Market intelligence platform IndexBox
