- Industry and business leaders are reacting to President Donald Trump’s latest tariffs.
- The Trump administration said Saturday it had imposed new levies on Canada, Mexico, and China.
- All three countries vowed to retaliate, threatening a trade war.
Billionaires, industry leaders, and executives are reacting to President Donald Trump’s tariffs against Canada, Mexico, and China.
The Trump administration said Saturday it had imposed a 25% tariff on goods from Canada and Mexico and a 10% tariff on China.
The announcement sparked swift responses from all three countries. Canada and Mexico promised retaliatory tariffs, and China vowed “corresponding countermeasures.”
Trump says the tariffs are necessary to pressure Mexico, Canada, and China to do more to stem the flow of illegal fentanyl into the United States. Addiction and overdoses related to fentanyl, a synthetic opioid, have gripped the United States for years, hollowing out towns and city neighborhoods all over the country. The drug is often produced in China and smuggled over US borders.
“Trump is taking bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country,” the White House said in a statement on Saturday.
Business leaders, however, are urging Trump to reconsider, fearing a global trade war that could wreak havoc on American industries.
Mark Cuban, billionaire entrepreneur
In a post on Bluesky, Cuban warned that the new levies would cost people money and hurt businesses.
“I’m going to put my rich guy hat on and say I hope that Mexico and Canada issue equal, retaliatory tariffs and stick to them for an extended period,” Cuban wrote.
“I apologize to all the people it will cost money and the businesses it will hurt. But it’s the only way for tariffs to be seen for what they are.”
Tobi Lütke, Shopify CEO
In a post on X, Lütke, the CEO of the Canadian firm Shopify, said he was disappointed with the US tariffs and Canada’s government’s response.
Canadian Prime Minister Justin Trudeau said Saturday that Canada would impose 25% tariffs on C$155 billion (around $106 billion) of US goods following the Trump administration’s decision.
But Lütke said hitting back would “not lead to anything good.”
“Canada thrives when it works with America together. Win by helping America win,” he wrote. “These tariffs are going to be devastating to so many people’s lives and small businesses.”
Ricardo Salinas Pliego, Mexican billionaire
Pliego, the chairman of the retail and banking conglomerate Grupo Elektra, slammed the tariffs in a series of posts on X but said Mexico should not retaliate.
“As things stand, there is nothing to do but endure this misfortune imposed on us,” he wrote. “Perhaps, with the passage of time, more prepared and sensible minds will prevail in the USA and things will change, but that is not in our hands.”
“What we definitely SHOULD NOT DO is play the ‘Boy Hero’ and throw ourselves into the void, by putting MORE taxes on Mexican citizens, who are already screwed by Trump’s actions,” he added.
Aluminum Association
The Aluminum Association has urged Trump to exempt Canada from the tariffs, saying it was vital to help protect jobs and local manufacturers.
In a statement on Saturday, Charles Johnson, the president and CEO of the association, which represents aluminum production and jobs in the United States, welcomed Trump’s efforts to “support American manufacturing” but said the industry’s strength relied on imports from the north.
“Thanks to robust domestic demand and coming investment, the US aluminum industry needs a steady and predictable supply of primary, secondary and scrap aluminum,” Johnson said. “Today, much of that metal comes from North American trading partners, especially Canada.”
United Steelworkers
The USW, representing 850,000 workers in metals, mining, and other industries, has also called for Trump to reconsider tariffs on Canada.
In a statement, USW International President David McCall said the union had “long called for systemic reform of our broken trade system, but lashing out at key allies like Canada is not the way forward.”
“Canada has proven itself time and again to be one of our strongest partners when it comes to national security, and our economies are deeply integrated,” the statement continued.
National Association of Manufacturers
NAM President and CEO Jay Timmons said manufacturers were already facing increasing cost pressures and that the latest tariffs on Canada and Mexico threatened “to upend the very supply chains that have made US manufacturing more competitive globally.”
“The ripple effects will be severe, particularly for small and medium-sized manufacturers,” Timmons added. “Ultimately, manufacturers will bear the brunt of these tariffs, undermining our ability to sell our products at a competitive price and putting American jobs at risk.”
National Association of Home Builders
The NAHB said the tariffs on Canada and Mexico could increase construction costs and ultimately lead to higher home prices.
“More than 70% of the imports of two essential materials that home builders rely on—softwood lumber and gypsum (used for drywall)—come from Canada and Mexico, respectively,” NAHB Chairman Carl Harris said in a statement.
“NAHB urges the administration to reconsider this action on tariffs.”
- Industry and business leaders are reacting to President Donald Trump’s latest tariffs.
- The Trump administration said Saturday it had imposed new levies on Canada, Mexico, and China.
- All three countries vowed to retaliate, threatening a trade war.
Billionaires, industry leaders, and executives are reacting to President Donald Trump’s tariffs against Canada, Mexico, and China.
The Trump administration said Saturday it had imposed a 25% tariff on goods from Canada and Mexico and a 10% tariff on China.
The announcement sparked swift responses from all three countries. Canada and Mexico promised retaliatory tariffs, and China vowed “corresponding countermeasures.”
Trump says the tariffs are necessary to pressure Mexico, Canada, and China to do more to stem the flow of illegal fentanyl into the United States. Addiction and overdoses related to fentanyl, a synthetic opioid, have gripped the United States for years, hollowing out towns and city neighborhoods all over the country. The drug is often produced in China and smuggled over US borders.
“Trump is taking bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country,” the White House said in a statement on Saturday.
Business leaders, however, are urging Trump to reconsider, fearing a global trade war that could wreak havoc on American industries.
Mark Cuban, billionaire entrepreneur
In a post on Bluesky, Cuban warned that the new levies would cost people money and hurt businesses.
“I’m going to put my rich guy hat on and say I hope that Mexico and Canada issue equal, retaliatory tariffs and stick to them for an extended period,” Cuban wrote.
“I apologize to all the people it will cost money and the businesses it will hurt. But it’s the only way for tariffs to be seen for what they are.”
Tobi Lütke, Shopify CEO
In a post on X, Lütke, the CEO of the Canadian firm Shopify, said he was disappointed with the US tariffs and Canada’s government’s response.
Canadian Prime Minister Justin Trudeau said Saturday that Canada would impose 25% tariffs on C$155 billion (around $106 billion) of US goods following the Trump administration’s decision.
But Lütke said hitting back would “not lead to anything good.”
“Canada thrives when it works with America together. Win by helping America win,” he wrote. “These tariffs are going to be devastating to so many people’s lives and small businesses.”
Ricardo Salinas Pliego, Mexican billionaire
Pliego, the chairman of the retail and banking conglomerate Grupo Elektra, slammed the tariffs in a series of posts on X but said Mexico should not retaliate.
“As things stand, there is nothing to do but endure this misfortune imposed on us,” he wrote. “Perhaps, with the passage of time, more prepared and sensible minds will prevail in the USA and things will change, but that is not in our hands.”
“What we definitely SHOULD NOT DO is play the ‘Boy Hero’ and throw ourselves into the void, by putting MORE taxes on Mexican citizens, who are already screwed by Trump’s actions,” he added.
Aluminum Association
The Aluminum Association has urged Trump to exempt Canada from the tariffs, saying it was vital to help protect jobs and local manufacturers.
In a statement on Saturday, Charles Johnson, the president and CEO of the association, which represents aluminum production and jobs in the United States, welcomed Trump’s efforts to “support American manufacturing” but said the industry’s strength relied on imports from the north.
“Thanks to robust domestic demand and coming investment, the US aluminum industry needs a steady and predictable supply of primary, secondary and scrap aluminum,” Johnson said. “Today, much of that metal comes from North American trading partners, especially Canada.”
United Steelworkers
The USW, representing 850,000 workers in metals, mining, and other industries, has also called for Trump to reconsider tariffs on Canada.
In a statement, USW International President David McCall said the union had “long called for systemic reform of our broken trade system, but lashing out at key allies like Canada is not the way forward.”
“Canada has proven itself time and again to be one of our strongest partners when it comes to national security, and our economies are deeply integrated,” the statement continued.
National Association of Manufacturers
NAM President and CEO Jay Timmons said manufacturers were already facing increasing cost pressures and that the latest tariffs on Canada and Mexico threatened “to upend the very supply chains that have made US manufacturing more competitive globally.”
“The ripple effects will be severe, particularly for small and medium-sized manufacturers,” Timmons added. “Ultimately, manufacturers will bear the brunt of these tariffs, undermining our ability to sell our products at a competitive price and putting American jobs at risk.”
National Association of Home Builders
The NAHB said the tariffs on Canada and Mexico could increase construction costs and ultimately lead to higher home prices.
“More than 70% of the imports of two essential materials that home builders rely on—softwood lumber and gypsum (used for drywall)—come from Canada and Mexico, respectively,” NAHB Chairman Carl Harris said in a statement.
“NAHB urges the administration to reconsider this action on tariffs.”
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