Trump's trade war has begun. Here's what business leaders and others are saying

Trump said that beginning Tuesday, the U.S. will levy tariffs of 25% on imports from Canada and Mexico, with lower 10% tariffs on Canadian oil. He also announced 10% tariffs on imports from China. The president said he had no choice but to implement the tariffs “through the International Emergency Economic Powers Act (IEEPA) because of the major threat of illegal aliens and deadly drugs killing our Citizens, including fentanyl.” The tariffs will remain until the so-called “national emergency” is over,” Trump said.

The move drew sharp reactions from business leaders in the U.S. and abroad. Canada and Mexico have both signaled that they will implement retaliatory tariffs on U.S. goods.

Here’s what some business leaders, stakeholders, and experts are saying.

Larry Summers

Former Treasury Secretary Larry Summers slammed the tariffs, telling CNN, “This is a stop-or-I’ll-shoot-myself-in-the-foot kind of threat policy.”

“It defies economic logic. It means higher prices for consumers. It means much more expensive inputs for American producers,” he said. “Why of all the countries in the world, would we right now be deciding to launch economic war on Canada?

Summers continued: “I just do not get the logic of these policies and make no mistake, this is a regressive tax on American consumers.”

Mark Cuban

“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,” billionaire Mark Cuban wrote on BlueSky. ““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.”

Aluminum Association

Charles Johnson, the president and CEO of the Aluminum Association, which represents workers in the U.S., urged the president to exempt his industry.

“The United States is a powerhouse in aluminum production and fabrication against global competitors. That strength relies on imports of upstream aluminum, both smelted and scrap, from Canada,” said Johnson, who added he welcomed Trump’s decision “to secure our borders and support American manufacturing by tackling unfair global trade.”

Johnson continued: “To ensure that American aluminum wins the future, President Trump should exempt the aluminum metal supply needed for American manufacturers, while continuing to take every possible action at the U.S. border against unfairly traded Chinese aluminum.”

United Steel Workers union

David McCall, the presidents of the United Steel Workers Union, said: “These tariffs don’t just hurt Canada. They threaten the stability of industries on both sides of the border.”

Justin Trudeau

Canadian Prime Minister Justin Trudeau, who announced retaliatory tariffs against the U.S., wrote on X $TWTR, “Now is the time to choose products made right here in Canada. Check the labels. Let’s do our part. Wherever we can, choose Canada.”

The Prime Minister also said: “We’re certainly not looking to escalate, but we will stand up for Canada.”

National Association of Home Builders

The NAHB warned the tariffs could increase the cost of building housing, worsening the housing crisis.

NAHB Chairman Carl Harris said in a statement: “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 urges the administration to reconsider this action on tariffs,” Harris said.

United Auto Workers union

President of the United Auto Workers (UAW) Shawn Fain was one of the few leaders with a positive reaction to the tariffs, saying in a statement that the UAW “supports aggressive tariff action to protect American manufacturing jobs as a good first step to undoing decades of anti-worker trade policy. We do not support using factory workers as pawns in a fight over immigration or drug policy.”

Fain also said that Trump most do more to protect workers. “Trump’s anti-worker policy at home, including dissolving collective bargaining agreements and gutting the National Labor Relations Board, leaves American workers facing worsening wages and working conditions even while the administration takes aggressive tariff action,” Fain said.