Trump announced the doubling of tariffs on Canadian steel and aluminum
Kyiv • UNN
Donald Trump announced an increase in tariffs on Canadian steel and aluminum to 50% in response to Ontario's 25% increase in electricity rates. The US President also threatens to significantly raise tariffs on Canadian cars.
U.S. President Donald Trump stated that he is raising tariffs on steel and aluminum from Canada to 50% in response to Ontario's decision to impose a tax on electricity going to the U.S., reports UNN.
Given that Ontario in Canada has set a 25% tariff on "electricity" coming to the United States, I have instructed my Secretary of Commerce to add an additional 25% tariff - to 50% - on all steel and aluminum coming to the United States from Canada, one of the countries with the highest tariffs in the world. This will take effect tomorrow morning, March 12,
Trump stated that he will also "significantly increase" tariffs on Canadian cars on April 2, if the country does not lower tariffs on American goods.
According to Trump, this move "essentially closes the car manufacturing business in Canada forever."
Supplement
As Bloomberg points out, this move is the latest escalation in Trump's trade dispute with Canada. Earlier, the U.S. president imposed a 25% tariff on all goods from Canada, but then postponed this move for one month. When the tariffs took effect last week, the U.S. president quickly moved to exclude goods covered by the USMCA, the North American free trade agreement he negotiated during his first term, following market declines and at the insistence of U.S. automakers, the publication notes.
Canada responded to the tariffs with a series of measures, including a 25% surcharge on electricity going to Minnesota, New York, and Michigan from Ontario. The Canadian federal government also imposed tariffs on goods such as American orange juice, footwear, and motorcycles.
