President Donald Trump announced Tuesday that he will double tariffs on Canadian steel and aluminum from 25% to 50%, escalating trade tensions with Canada. The move comes in response to Ontario’s decision to raise electricity prices for exports to the U.S.
“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,” Trump wrote on Truth Social. He called Canada “one of the highest tariffing nations anywhere in the world.”
The announcement caused U.S. stock markets to fall, as investors reacted to the unexpected escalation.
The tariffs take effect Wednesday, further intensifying economic strain between the two countries. Canadian officials have yet to respond, but Prime Minister Justin Trudeau has previously condemned Trump’s trade policies as harmful to both economies.
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