President-elect Donald Trump on Monday night jabbed a leading official from America's northern neighbor, who resigned earlier in the day.
Chrystia Freeland, Canada’s finance minister and a trusted lieutenant to Prime Minister Justin Trudeau, resigned from Trudeau's Liberal government cabinet Monday. Trudeau is also reportedly considering submitting his resignation.
“I have concluded that the only honest and viable path is for me to resign from the cabinet,” Freeland wrote in a letter addressed to Trudeau and posted on X. She said the two have “found ourselves at odds” over policy questions. The announcement came after Trudeau reportedly told her Friday he no longer wanted her in the finance minister position and instead wanted her to take a different Cabinet position.
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Freeland's letter specifically called out conflict over Trump's threat to impose a hefty 25% tariff on imports from the country.
"Our country today faces a grave challenge. The incoming administration in the United States is pursuing a policy of aggressive economic nationalism, including a threat of a 25 per cent tariffs," Freeland said. "We need to take that threat extremely seriously. That means keeping our fiscal powder dry today, so we have the reserves we may need for a coming tariff war."
Late Monday, Trump took a swipe at the outgoing finance minister.
"The Great State of Canada is stunned as the Finance Minister resigns, or was fired, from her position by Governor Justin Trudeau," wrote Trump on Truth Socoal. "Her behavior was totally toxic, and not at all conducive to making deals which are good for the very unhappy citizens of Canada. She will not be missed!!!"
American consumers can expect to see higher prices to see higher prices if Trump follows through with the plan, experts say.
“Either way, there is a cost to consumers,” Erica York, senior economist at the Tax Foundation, told CNBC.
Additionally, they may also reduce profits for businesses, leading businesses to stagnate employee wages.
