Take it from a man who has seen it all before. Canadian Prime Minister Mark Carney, who served as the Governor of the Bank of England between 2013 – 2020, has issued a stern warning to the US and the Trump Administration over their tariff policies.
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Trump tariffs compared to Brexit: What’s going on?
President Trump announced a sweeping wave of additional tariffs against scores of countries last week, ranging from allies to penguins. The scattergun method has sent the financial markets into turmoil, with further losses expected on Monday.
Standing defiant as ever, Mr. Trump insists that America – and the rest of the world – ‘has to take its medicine’. However, his crusade to implement these tariffs have even put-off one of his biggest cheerleaders in Elon Musk.
Elon Musk distances himself from US tariff policies
The Tesla owner made a sharp departure from the rhetoric of the man he helped elect this weekend, when he called for ‘zero tariffs’ to be in place between the US and the EU. He was either visited by three ghosts overnight, or had a second glance at the share prices.
Either way, the Trump tariffs are putting noses out of joint across the board. Carney, who has overseen a surge in support for his Liberal Party since ‘The Donald’ returned to office, now believes this economic gamble has a lot in common with Brexit.
ALSO READ: Elon Musk remembers he’s a business owner, and calls for ZERO tariffs between US/EU
Mark Carney’s Brexit quip rings true for UK voters
Speaking to a crowd of workers over the weekend, the PM stated that he has ‘seen this movie before’, and predicted that – just like Brexit did to Brits – tariffs will ‘make Americans weaker’. Trump, however, is showing no signs of amending his approach.
“The US is harming itself with these tariffs. It takes some time for that to filter through, just like it took some time for the impacts of Brexit to filter through to the UK economy. I’ve seen this movie before, I know what will happen.”
“The Americans will get weaker, whereas we will stand by our workers, stand by our companies. We are building new trade relationships. Not only are we going to stay strong, but we are going to get stronger” | Mark Carney