BRUSSELS—President-elect Donald Trump’s tariff warnings are forcing Europe to confront an unwanted trade-off: Keep its own tariffs low and shoulder the economic costs, or throw up new barriers in a bid to protect vulnerable industries.

Canada’s foreign minister is warning Americans they will be paying a “Trump tariff tax” if President-elect Donald Trump follows through with a threat of imposing a 25% tariff on all Canadian goods.

Bankers are rushing to get financing deals done ahead of the US president’s inauguration. Lenders are swamping borrowers with questions and cutting risk.

Canada is ready to respond to tariffs from its top trade partner the United States on Monday if President-elect Donald Trump follows through on his threat to impose them, Foreign Minister Melanie Joly said on Friday.

Canada on Friday (Jan 17) issued a stark warning to the United States, promising that the nation would be hit with a "Trump tariffs tax" if US president-elect Donald Trump follows through on his plan to impose 25 per cent tariffs on Canadian imports.

The UK ran a significant trade surplus with the US in 2023, British government data show, placing the country in the hot seat as Donald Trump prepares to revive his protectionist push in the White House.

Canada is prepared to respond to US trade tariffs if President Donald Trump follows through on his threats immediately after his inauguration, Reuters reports. If Trump proceeds with his threats, it could severely impact the economy,