Donald Trump met with Italian Prime Minister Giorgia Meloni at the White House in Washington on Thursday, April 17, 2025. The two leaders spoke in the Oval Office during the visit. Photo: Alex Brandon / The Canadian Press – AP
President Donald Trump made it clear this week that he isn’t stepping away from his global tariff strategy. Despite growing concerns from businesses and international partners, he stood firm, insisting that the tariffs are paying off for America.
Following a meeting at the White House with Italian Prime Minister Giorgia Meloni, Trump claimed, “Tariffs are making us rich,” adding that the U.S. is bringing in a significant amount of money through import taxes. He listed some of the charges—25% on cars, steel, and aluminum, and 10% as a baseline—while also blaming Mexico and Canada for weak border controls and fentanyl issues, which he says justified their penalties.
Although he emphasized the financial benefits of tariffs, Trump also hinted that his real intention is to push other countries into negotiating fairer trade deals. Earlier on Thursday, he promised a new agreement with the European Union before his self-imposed 90-day window on tariffs expires.
Despite his optimism, markets remain shaky. Since Trump kick-started his trade standoff earlier this month, industries have been scrambling to understand his endgame. Some hope it's just a hardball tactic to force new deals, while others fear it’s about tightening U.S. control, especially in response to China’s influence.
During his chat with Prime Minister Meloni, Trump repeated that “a lot of countries want to make deals” and even said that foreign leaders are more eager than he is. Earlier the same day, he posted on social media about a “very productive” conversation with Mexico’s new president, Claudia Sheinbaum. He also mentioned meetings with Japan’s top trade officials and teased upcoming talks with other major economies like South Korea and India.
Treasury Secretary Scott Bessent, who was present at the Italy meeting, confirmed that the U.S. government is focusing its trade discussions on what he called the “big 15 economies.” He pointed to the recent engagements with Japan and the EU and mentioned future plans involving South Korea and India.
But when it comes to Canada, things are less clear. Once a key partner, Canada has been hit hard by Trump's tariffs, especially in the steel, aluminum, and auto sectors. Despite this, the U.S. Customs and Border Protection recently reported collecting around USD $861 million in duties from the northern border since the tariffs were introduced.
Trump linked Canada's penalties to the fentanyl crisis, although U.S. border data reveals that very little of the drug actually crosses through the northern route.
Even with tensions high, there’s movement behind the scenes. Trump and Canadian Prime Minister Mark Carney reportedly agreed to start fresh talks on a new economic and security partnership after Canada’s upcoming election. This could update or even replace the existing Canada-U.S.-Mexico Agreement, a trade deal that Trump previously championed during his first term. However, experts now worry that Trump’s ongoing tariffs are eroding the very pact he once celebrated.
