Recap: Trump launches 'independence day' with reciprocal tariffs
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U.S. President Donald Trump is scheduled to unveil reciprocal tariffs today on America’s trading partners, including Canada, in what he calls “Liberation Day.”
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The measures are meant to even things out with those who, in Trump’s eyes, have unfairly taken advantage of the U.S. in trade, but the size and scope of new levies were still being discussed Tuesday.
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When they are unveiled at 4 p.m. they have the potential to upend the global trading system and send seismic waves through markets, industries and economies around the world.
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- U.S. stock tumble on tariff announcement
- U.S. stock tumble on tariff announcement
- Trump announces tariffs
- Trump announces tariffs
- Trump announces tariffs
- Trump announces tariffs
- Trump announces tariffs
- Trump announces tariffs
- U.S. stock tumble on tariff announcement
- U.S. stock tumble on tariff announcement
- U.S. stock tumble on tariff announcement
- Stocks down on tariff jitters
Stocks down on tariff jitters - Stocks down on tariff jitters
- Stocks down on tariff jitters
What tariffs are already in place
Today’s actions will come on top of tariffs Trump has already imposed.
On March 12 the U.S. imposed 25 per cent tariffs on Canadian steel and aluminum imports.
On March 26, Trump signed an executive order to impose 25 per cent tariffs on all cars and light trucks imported to the U.S. The tariffs will come into effect on April 2 and collection will begin on April 3.
What new tariffs might Canada face
Trump has said he would not just target tariffs imposed by other countries but also non-tariff trade barriers.
In Canada these could include the digital sales tax, the goods and services tax (GST) and the dairy supply management system.
Trump has further claimed American banks aren’t allowed to do business in Canada, which could present grounds for reciprocal tariffs as well.
What is Canada doing about it
If the U.S. doesn’t remove all tariffs against Canada, the Canadian government has promised retaliatory tariffs on another $95-billion worth of taxable U.S. goods, on top of the $59.8 billion already in place.
Trump is also facing opposition within his own country. A bipartisan group of U.S. Senate lawmakers are set to vote in the next few days on a resolution to challenge the president’s national security justification for tariffs against Canada.
Could Canada come up with a deal to avoid reciprocal tariffs?
If Canada and other countries were to curb what the Trump administration perceives as “unfair” trade practices, U.S. Secretary of the Treasury Scott Bessent said the reciprocal tariffs will not go into place.
“Going into April 2, some of our worst trading partners in terms of the way they treat us have already come to President Trump offering substantial decreases in very unfair tariffs,” Bessent said.
Tariffs live blog
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