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Former Canadian finance minister Chrystia Freeland said Saturday that Canada should retaliate against new U.S. tariffs by imposing 100% tariffs on Tesla (NASDAQ:TSLA), Global News reported.
Her comments came after U.S. President Donald Trump announced 25% tariffs on most imports from Canada and Mexico, citing concerns over illegal immigration and drug smuggling, including fentanyl. The tariffs take effect Tuesday. In response, Canadian Prime Minister Justin Trudeau announced 25% tariffs on $155 billion worth of U.S. imports, including alcohol, fruit, vegetables, perfumes, clothing, and shoes.
Freeland, who is campaigning to succeed Trudeau as prime minister, called for a stronger response, proposing a $200 billion retaliation package targeting key U.S. stakeholders, including Tesla. She argued that Ottawa should leverage Canada's position as the largest U.S. export market and urged Canadians to boycott American products.
Tesla CEO Elon Musk, a Trump ally, currently leads the administration's Department of Government Efficiency advisory body. Freeland, who helped negotiate the U.S.-Mexico-Canada trade deal during Trump's first term, called for a coordinated international response to the new tariffs.
This article first appeared on GuruFocus.