Trump announces: In an effort to intensify his trade fight with Canada, US President Donald Trump has increased tariffs on Canadian steel and aluminum to 50%. The action follows the imposition of an additional 25% tariff on electricity delivered to the United States by Ontario Premier Doug Ford.
Trump stated on his social media platform “Truth Social” that he has directed the Secretary of Commerce to levy an extra 25% tariff on Canadian steel and aluminum, raising the overall duty to 50%, in retaliation for Ontario’s 25% tariff on US power.
Trump said the action will go into effect immediately on Wednesday, March 12, and referred to Canada as “one of the highest tariff-paying countries in the world” in his remarks. Trump had already announced a temporary moratorium of duties on Canadian imports, which would now be lifted.
Global financial markets are extremely alarmed by Trump’s escalating trade dispute with his three main trading partners, China, Mexico, and Canada.