Freeland emphasized the need for Canada to retaliate strategically, saying, “Our counterpunch must be dollar-for-dollar and precisely targeted.” The proposal comes amid ongoing tensions as Trump has repeatedly referred to the US trade deficit with Canada, a nation rich in natural resources, as a subsidy.

Canada is a key export market for 36 US states, with nearly $3.6 billion Canadian (US$2.7 billion) worth of goods crossing the border each day. However, John Ries, senior associate dean at the University of British Columbia, cautioned against publicizing such a list in advance, suggesting it could provoke Trump and make it more difficult for him to back off from his tariff threats.

Freeland also pledged that, if elected, she would prevent American companies from bidding on Canadian federal procurement contracts (excluding defense). She intends to convene an international summit with leaders from Mexico, Denmark, Panama, and the EU to discuss joint responses to challenges to sovereignty and economic stability.

While some lawmakers have proposed cutting energy shipments to the US, Alberta Premier Danielle Smith opposed this idea. Former Bank of Canada governor Mark Carney, another Liberal leadership contender, also suggested cutting Quebec’s hydro exports to the US as a possible response.

Freeland’s recent resignation as finance minister led to Trudeau’s announcement that he would step down as Prime Minister once a new Liberal leader is chosen on March 9. With opposition parties vowing to bring down the minority government, a federal election is expected this spring.

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Taking to the social media platform Truth Social, Trump declared that the US would no longer tolerate efforts to diminish the dollar’s dominance. “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump stated.

He further warned that nations attempting to replace the US dollar would face severe economic repercussions, including losing access to the US market. “We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another ‘sucker!’”

Trump dismissed any likelihood of the US dollar being replaced in international trade, emphasizing that such attempts would lead to the isolation of the countries involved. “There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” he added.

Trump’s remarks followed Russian President Vladimir Putin’s proposal during the BRICS summit in Kazan in October to create a new investment platform. Putin emphasized the importance of reducing dependence on the US dollar and promoting a low-emission economic model.

“We propose to set up a new investment platform of BRICS,” Putin said during the plenary session. “New BRICS global investment platform to provide financial resources for all countries of the Global South,” he added, as reported by Reuters.

The BRICS group currently operates two financial platforms:

1. The New Development Bank (NDB): Based in Shanghai, it mobilizes resources for infrastructure and sustainable development projects in BRICS and other emerging economies.
2. The Contingent Reserve Arrangement (CRA): Provides short-term liquidity support for BRICS members via currency swaps to strengthen financial stability.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded its membership in 2024 to include Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia.

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Key battleground states, including Pennsylvania, Michigan, and Arizona, played decisive roles in this outcome. Trump’s campaign focused heavily on economic issues, border security, and domestic policies aimed at addressing concerns about inflation and crime. Voter turnout was notably high across the nation, with millions casting ballots through both early voting and on Election Day.

Post-Election Reactions

Trump celebrated his victory at a rally in Florida, promising to “restore American strength and security.” Kamala Harris acknowledged the results and urged her supporters to continue advocating for unity and progress.

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