Canada will levy retaliatory tariffs of C$29.8 billion on the US due to Trump’s tariffs on Canadian steel and aluminum. The new taxes, starting today, follow the expiration of previous exemptions and duty-free quotas.
Canada, the top steel and aluminum provider to the US, faces an intensified trade war as Prime Minister Trudeau prepares to pass the baton to Mark Carney. Carney, set to become the new PM after winning leadership of the Liberals, will delay discussions with Trump until his official swearing-in.
Trump’s decision to increase tariffs on Canadian metals caused a rapid market response. The S&P 500 fell 10%, signaling a correction from its peak in February. Yet, stocks recovered when Ontario Premier Doug Ford paused his plan to levy an extra fee on electricity sent to US households from Canada.
Despite market fluctuations, Trump stayed resolute, acknowledging the ups and downs. He emphasized his commitment to economic recovery. Trump mentioned possible tariff hikes to prompt companies to move manufacturing to the US, stating higher rates could incentivize relocation.“For every tariff increase, building in the US becomes more favorable,” he explained.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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