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00:00Good morning, everyone. The ambition of these measures is enormous.
00:13The effects on the global economy will be monumental.
00:18We received confirmation that the latest reciprocal tariffs will not be imposed on Canada.
00:26At the same time, President Trump confirmed that the tariffs announced last week against
00:32our auto industry will come in and indeed have come into effect today.
00:38So while it's progress that further tariffs were not imposed on Canada yesterday, the
00:44President's actions will reverberate here in Canada and across the world.
00:49The ambition of these measures is enormous. The effects on the global economy will be
00:54monumental. And we are already seeing the consequences.
00:59Just last evening, workers from Unifor Local 444, with whom I met last week, learned that
01:07their auto assembly plant in Windsor will be shutting down for at least the next two
01:12weeks. That's 3,600 workers who are now out of work,
01:19not by their choice. Workers who now worry how they're going to put food on the table
01:25and pay their bills. I and my government stand in solidarity with
01:30those workers in Windsor and all those workers hurt by President Trump's tariffs.
01:37And that's why we committed from the very start that all, and I repeat, all of our tariff
01:43proceeds will go to protect workers affected by the tariffs.
01:48So while it's progress that further tariffs were not imposed on Canada yesterday, yesterday's
01:55actions by the U.S. administration, while not specifically targeting Canada, will rupture
02:02the global economy and adversely affect global economic growth.
02:08The global economy is fundamentally different today than it was yesterday.
02:13The system of global trade anchored on the United States that Canada has relied on since
02:19the end of the Second World War, a system that, while not perfect, has helped to deliver
02:25prosperity for our country for decades, is over.
02:31Our old relationship of steadily deepening integration with the United States is over.
02:37The 80-year period when the United States embraced the mantle of global economic leadership,
02:42when it forged alliances rooted in trust and mutual respect, and championed the free
02:47and open exchange of goods and services, is over.
02:53While this is a tragedy, it is also the new reality.
02:59We must respond with both purpose and force.
03:05And while they have been imposed under different premises, we will fight to bring each of these
03:13tariffs to an end.
03:15We're fighting in courts, challenging that these tariffs have been illegally imposed
03:20under U.S. law.
03:23We have filed disputes underscoring that they are in violation of our free trade agreement,
03:28CUSMA.
03:29We have gone to the World Trade Organization because these actions are against international
03:33trade law.
03:37We are responding today with, and we have responded throughout, with carefully calibrated
03:44and targeted counter-tariffs, and we're not going to let our borders be affected by the tariffs.
03:53As I told President Trump during our call last week, Canada will respond to the U.S.
04:00auto tariffs.
04:02And today I'm announcing that the Government of Canada will be responding by matching the
04:07U.S. approach, by matching the U.S. approach, with 25% tariffs on all vehicles imported
04:13from the United States that are not compliant with CUSMA, our North American free trade
04:19agreement, and on the non-Canadian content of CUSMA-compliant vehicles from the United
04:26States as well.
04:28Our tariffs, though, unlike the U.S. tariffs, will not affect auto parts, because we know
04:34the benefits of our integrated production system.
04:39And they will also not affect vehicle content from Mexico, who is respecting the CUSMA agreement.
04:45The United States comes from Canada, and in spite of this, the Government of Canada...
04:51Importantly, every single dollar raised from those counter-tariffs, our counter-tariffs,
04:58which could reach around $8 billion before remission, will go directly to our auto workers
05:06and the companies affected by those tariffs.
05:10And that's on top of a $2 billion fund we announced last week to build a made-in-Canada
05:16auto sector, a fund that a new Liberal government would implement should we be elected.
05:25That plan is working.
05:27As U.S. Customs...
05:30Our retaliatory tariffs that we've previously announced in response to the United States's
05:35other tariffs will remain in effect.
05:38You know, we take these measures reluctantly, and we take them in ways that it's intended
05:44and will cause maximum impact in the United States and minimum impact here in Canada.
05:50...clear that these tariffs are a mistake.
05:54The Senate voted to repeal them in a...
05:57Given the prospective damage to their own people, the American administration should
06:03eventually change course.
06:06But I don't want to give false hope.
06:09The President believes that what he is doing is best for the American economy.
06:13He believes that it's best for American workers.
06:16And although their policy will hurt American families, until that pain becomes impossible
06:22to ignore, I do not believe they will change direction.
06:27So the road to that point may indeed be long.
06:31Canada and the United States signed the Auto Pact, an agreement that ended...
06:38Trying to have a discussion, given the scale of ambition of the United States, given all
06:42the measures they've taken, not just against Canada but against the whole world, that we
06:46are not going to make progress if we try to focus on only one issue.
06:51We need to reset the overall relationship.
06:54We need to set the boundaries around that, where we're going to work together, re-establish
06:59confidence, first and foremost for Canadian workers and their families, so that they know
07:04where their careers are, where their jobs are, and then more broadly for investors in
07:10business.
07:11...you can guess my age, a 60-year period of close cooperation, partnership...
07:16Merci.