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President Donald Trump said Tuesday that he had ordered a doubling of the tariff on Canadian steel and aluminum in response to Ontario Premier Doug Ford’s imposition of a new tax on electricity supplied to three U.S. states.
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Ford’s action was itself a response to Trump’s earlier announcement of tariffs on foreign steel and aluminum, which is scheduled to take effect at 12:01 a.m. Wednesday.
“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. This will go into effect TOMORROW MORNING, March 12th,” the president posted on his social media site, Truth Social.
Despite Trump’s claim, Canada’s average tariff rate of 3.8 percent is little different from the United States’ 3.3 percent mark, according to a World Trade Organization database.
Trump also said without providing details that he would soon declare a “National Emergency on Electricity within the threatened area”. He issued separate demands for Canada to drop its existing tariffs on imports from the United States of agricultural products, and repeated his insistence that Canada “become our cherished Fifty First State.”
The president’s trade war escalation renewed selling pressure on Wall Street, where the S&P 500 index lost 1 percent in early trading Tuesday. The market measure has lost more than 8 percent of its value in the past month, as the president has repeatedly shifted his tariff plans.
In 2024, Canada — the top supplier of foreign steel to the United States — sent nearly 7 million tons of steel to American customers, according to the American Iron and Steel Institute. Brazil, Mexico, South Korea and Vietnam rounded out the top five import sources.
© 2015 Mutual Fund Observer. All rights reserved.
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Comments
Friends here on the Cape say their Canadian relatives have told them they will NEVER come to "Your A***ole Country again". Summer bookings here are down 10 to 15% as many Canadians have already canceled.
About 35% of Massachusetts voted for him but with the rise in electric rates, vacations canceled and layoffs at the VA, even the areas where you expect people to vote GOP people are becoming very angry.
The Vets in particular say he has stabbed them in the back with VA cuts
brookfield's mark carney is leaving to become Canada's next PM and deal with trump. carney also has experience as Bank Governor for 2 nations ; this is bringing a bazooka to a pillow fight.
on top of that, the Canadian people seem pretty tired of all MAGA\musk agendas. they seem willing to take the pain of keeping their tariffs in place for some time until flops stop and someone (else) is leading serious negotiations and not pimping propaganda.
but hey, at least there is trumpcoin for american retirement. , and~40 fewer lbs of northern fentanyl, which has suddenly become bessent's expertise.
President Donald Trump said he was reevaluating plans to double steel and aluminum tariffs on Canada to 50% after Ontario announced it would suspend a 25% surcharge on electricity sent to the US.
"I'm looking at that, but probably so," Trump told reporters Tuesday when asked if the deescalation would lead him to back down on his tariff threat. "I'll let you know about it."
Hey guys. What do you think about possibly creating a separate “Trump” board here similar to the OT or Technical Question boards? I mean well over half of all threads now running deal with Trump in some way. There has to be more to funds and investing than this ……
In OT he leads with about 90% of all threads. But even in the investing area he’s dominating with better than 50%. When is enough enough?
Another idea would be to start a single “TRUMP” thread where his assorted decrees, threats, wiggles, etc. could be consolidated so he wouldn’t occupy so much space. I personally don’t think he deserves so much attention.He is not the entire U.S. and global economy - but merely craves that kind of attention.. And how many of these loud tariff threats has he actually followed through on?
How about a weekly “Trumpster Dumpster” thread to cover all Trump all the time?
Ontario suspends electricity surcharge after US commerce secretary agrees to talks
https://www.thestreet.com/automotive/uaw-president-offers-straight-talk-to-workers-on-tariffs
the labor leader said that the country's labor force has been in crisis mode since the North American Free Trade Agreement (NAFTA) was signed and that there is "no other issue "that has affected our economy and working-class people.
"We’re in a triage situation," Fain said on the program. "Tariffs are an attempt to stop the bleeding from the hemorrhaging of jobs in America for the last 33 years.
"The USMCA achieved stronger enforcement mechanisms for labor provisions than the original deal, leading the AFL-CIO, the largest collection of U.S. labor unions, to support the pact—a rare endorsement from a group that heavily criticized NAFTA."
NAFTA and the USMCA: Weighing the Impact of North American Trade
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