Trump Defends Tariffs in Meeting with Canadian Prime Minister
President Donald Trump defended his use of tariffs as a corrective to what he called years of trade imbalance during a bilateral meeting with Canadian Prime Minister Mark Carney. https://www.foxbusiness.com/politics/trump-defends-tariffs-says-us-has-been-the-king-being-screwed-trade-imbalance
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“Were the king of being screwed by tariffs,” Trump said during the Oval Office meeting. “Im not talking about with Canada, Im talking about with countries all over the world,” he added, naming China and the 27-member countries of the European Union.
Trump praised Carney as a “strong, world-class leader” before closing the exchange with a quip about wanting to “be a great man too.” The meeting marked Carney’s second White House visit in five months, with the leaders discussing trade policy as Carney faces growing pressure to respond to U.S. duties targeting Canada’s steel, auto and manufacturing sectors.
“We want Canada to do great,” Trump said. “But theres a point where we want the same business — thats the problem.”
Economic Ties and Investment
Carney said Canadian investment in the U.S. could top $1 trillion within five years, adding that Canada is America’s second-largest trading partner and its largest foreign investor. The U.S.-Canada trade relationship topped $762 billion last year, with Canada relying on the United States for more than three-quarters of its exports and nearly half of its imports.
U.S. exports to Canada reached roughly $350 billion in 2024, underscoring the depth of the cross-border economic ties. “Were going to get the right deal, the right deal for America and the right deal, obviously, from my perspective, for Canada,” Carney added.
Tariff Revenue and Legal Challenges
Trump’s remarks come after consecutive record-breaking tariff revenues in August and September, which together totaled $62.6 billion. Total duty revenue for fiscal year 2025 reached $215.2 billion, according to the “Customs and Certain Excise Taxes” figures released on September 30 by the Treasury Department.
Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and reaching $29 billion in July. American businesses pay these import taxes directly to the federal government, but they often pass the cost along by raising prices.
The Supreme Court is weighing the legality of Trump’s sweeping trade policy, which the White House has defended as a legitimate use of presidential powers to protect the economy. “We look forward to ultimate victory on this matter with the Supreme Court,” wrote White House spokesperson Kush Desai.
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