U.S. President Donald Trump said on Tuesday he has instructed his commerce secretary to put an additional 25 per cent tariff on all steel and aluminum coming into the United States from Canada starting Wednesday, bringing the total tariff on those products to 50 per cent.
The president said the move is in response to Ontario’s 25 per cent surcharge on electricity shipped to 1.5 million American homes and business across three 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 Tuesday on Truth Social.
The U.S. stock market promptly fell following Trump’s social media post.
Trump also threatened to substantially raise tariffs on cars coming into the U.S. from Canada on April 2 if Canada doesn’t drop its retaliatory tariffs.
More to come.