EU, Canada stress benefits of trade amid Trump's tariffs

ANKARA

The EU and Canada officials Wednesday stressed the benefits of trade as US President Donald Trump announced 25% tariffs on all steel and aluminum imports with no exceptions.

“European Union and Canada also prove that trade agreements are clearly better than trade tariffs,” President of the EU Council Antonio Costa told a joint news conference with President of the EU Commission Ursula von der Leyen, and Canada’s Prime Minister Justine Trudeau in Brussels.

Costa recalled that the EU-Canada trade “has grown by 60%” since the Comprehensive Economic and Trade Agreement (CETA) was signed in 2017, which “boosted” both economies “and created thousands of jobs.”

“Trade can be very beneficial and lead to a win-win situation,” noting that “CETA has proven it,” European Commission President Ursula von der Leyen, said, echoing Costa.

“Indeed, since we have CETA, trade and investment on both sides have increased by 66%, she explained. This is excellent and beneficial for both sides.”

Canadian Prime Minister Trudeau backed Costa and von der Leyen’s remarks and hailed good relations with the EU “at a time where the world is more unpredictable and uncertain in so many different aspects.”

“Since the signing of CETA many years ago, we have seen the creation of thousands of jobs, tremendous prosperity on both sides of the Atlantic…” the premier said.

He added that the EU and Canada’s “unequivocal support for Ukraine remains unbelievably important … because standing up for Ukraine is also standing up for the international rules-based order.”

The US tariffs take effect March 4, and the measure will affect imports from numerous countries, particularly impacting major trading partners like Canada, Mexico, and European nations who are key metal suppliers to the US market.

Canada is the largest supplier of steel and aluminum to the US – $24.4 billion in steel and aluminum in 2024, according to the US Census Bureau. The tariffs are a severe blow to the Canadian economy and will result in massive job losses on both sides of the border.

Von der Leyen on Tuesday warned that "unjustified" tariffs on the bloc will not go unanswered, signaling countermeasures.