WATCH THE VIDEO HERE Donald Trump has announced a significant escalation in the trade war between the US and Canada, doubling tariffs on Canadian steel and aluminum from 25% to 50%. This move is in retaliation for Ontario’s 25% surcharge on electricity exports to several US states. In a statement on Truth Social on Tuesday, Trump declared, “Based on Ontario, Canada, placing a 25% Tariff on ‘Electricity’ coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD.” The tariffs are set to take effect on Wednesday, March 12, and Trump has again threatened to make Canada the 51st US state. The sell-off continued into Tuesday morning, with the Dow dropping 1.2% and the S&P 500 and Nasdaq also declining. Trump was set to deliver a Tuesday afternoon address to the Business Roundtable, a trade association of CEOs that during the 2024 campaign he wooed with the promise of lower corporate tax rates for domestic manufacturers. But his tariffs on Canada, Mexico, China, steel, aluminum — with plans for more to possibly come on Europe, Brazil, South Korea, pharmaceutical drugs, copper, lumber and computer chips — would amount to a massive tax hike.
Trump escalates trade war with Canada, imposes 50% tariffs on steel and aluminum
