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Trump doubles tariffs on Canadian steel and aluminium as trade war intensifies
Daragh Keany
Today at 18:31
President Donald Trump said today that he will double his planned tariffs on steel and aluminium from 25 percent to 50 percent for Canada, escalating a trade war with the United States’ northern neighbour and standing unmoved by recent stock market turmoil and rising recession risks.
Trump said on social media that the increase of the tariffs set to take effect on Wednesday is a response to the price increases that the provincial government of Ontario put on electricity sold 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 INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD,” Trump posted on Truth Social.
After a brutal stock market selloff on Monday and further jitters Tuesday, Trump faces increased pressure to show he has a legitimate plan to grow the economy instead of perhaps pushing it into a recession. But so far the president is doubling down on the tariffs he talked up repeatedly during the 2024 campaign and throwing a once stable economy into utter turmoil as investors expected him to lead with deregulation and tax cuts instead of colossal tax hikes.