President Donald Trump on Tuesday announced plans to double expected tariffs on steel and aluminum imports from Canada in retaliation for Ontario’s stiff duties on electricity.
“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,” Trump wrote on his social media platform Truth Social. “This will go into effect TOMORROW MORNING, March 12th.”
Trump’s decision is the latest escalation of a trade war with Washington’s northern neighbor, after the president imposed a 25 percent tariff on the country last week, and is sure to fuel greater turbulence for markets already reeling from broader fears of a recession. Trump plans to impose 25 percent tariffs on imports of steel and aluminum from all countries on Wednesday.
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