Trump doubles tariffs on canadian steel and aluminum reaching 50%
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On Tuesday, March 11th, Trump announced that he had instructed the Secretary of Commerce, Howard Lutnick, to impose an additional 25% tariff on steel and aluminum imported from Canada. This will take effect as early as Wednesday, March 12th, raising the total tax amount to 50%.
This measure is in response to the decision by Ontario Premier Doug Ford to impose a 25% tariff on all Canadian electricity exported to the United States, specifically to Michigan, Minnesota, and New York.
Additionally, Trump stated that if the Canadian government does not remove its “anti-American” tariffs against Washington – such as the ones on U.S. dairy products, which currently range from 250% to 390%, or on Canadian electricity – further tariffs will be imposed on cars exported from Canada to the United States starting April 2nd.
Financial markets reacted immediately to these latest statements from the U.S. President; the S&P 500 dropped almost 1.0%, as investors and analysts fear that the new import tariffs could harm U.S. economic growth, creating fertile ground for rising inflation.
This measure is in response to the decision by Ontario Premier Doug Ford to impose a 25% tariff on all Canadian electricity exported to the United States, specifically to Michigan, Minnesota, and New York.
Additionally, Trump stated that if the Canadian government does not remove its “anti-American” tariffs against Washington – such as the ones on U.S. dairy products, which currently range from 250% to 390%, or on Canadian electricity – further tariffs will be imposed on cars exported from Canada to the United States starting April 2nd.
Financial markets reacted immediately to these latest statements from the U.S. President; the S&P 500 dropped almost 1.0%, as investors and analysts fear that the new import tariffs could harm U.S. economic growth, creating fertile ground for rising inflation.