Billionaires, Execs Urge Trump to Rethink Canada, Mexico Tariffs

• Industry and enterprise leaders are reacting to President Donald Trump’s newest tariffs.
• The Trump administration stated Saturday it had imposed new levies on Canada, Mexico, and China.
• All three international locations vowed to retaliate, threatening a commerce battle.

Billionaires, business leaders, and executives are reacting to President Donald Trump’s tariffs in opposition to Canada, Mexico, and China.

The Trump administration stated Saturday it had imposed a 25% tariff on items from Canada and Mexico and a ten% tariff on China.

The announcement sparked swift responses from all three international locations. Canada and Mexico promised retaliatory tariffs, and China vowed “corresponding countermeasures.”

Trump says the tariffs are essential to stress Mexico, Canada, and China to do extra to stem the movement of unlawful fentanyl into the United States. Addiction and overdoses associated to fentanyl, an artificial opioid, have gripped the United States for years, hollowing out cities and metropolis neighborhoods all around the nation. The drug is usually 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 stated in a press release on Saturday.

Business leaders, nonetheless, are urging Trump to rethink, fearing a world commerce battle that would wreak havoc on American industries.

Mark Cuban, billionaire entrepreneur

In a publish on Bluesky, Cuban warned that the brand new levies would value folks cash and harm companies.

“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 publish on X, Lütke, the CEO of the Canadian agency Shopify, stated he was upset with the US tariffs and Canada’s authorities’s response.

Canadian Prime Minister Justin Trudeau stated Saturday that Canada would impose 25% tariffs on C$155 billion (round $106 billion) of US items following the Trump administration’s choice.

But Lütke stated hitting again 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 sequence of posts on X however stated Mexico shouldn’t 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 very important to assist shield jobs and native producers.

In a press release on Saturday, Charles Johnson, the president and CEO of the affiliation, which represents aluminum manufacturing and jobs within the United States, welcomed Trump’s efforts to “support American manufacturing” however stated the business’s energy 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 stated. “Today, much of that metal comes from North American trading partners, especially Canada.”

United Steelworkers

The USW, representing 850,000 staff in metals, mining, and different industries, has additionally known as for Trump to rethink tariffs on Canada.

In a press release, USW International President David McCall stated 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 assertion continued.

National Association of Manufacturers

NAM President and CEO Jay Timmons stated producers have been already dealing with growing value pressures and that the newest 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 stated the tariffs on Canada and Mexico might enhance building prices and finally result in greater residence costs.

“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 stated in a press release.

“NAHB urges the administration to reconsider this action on tariffs.”