- Joined
- May 16, 2023
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Summary
- US President Donald Trump says he will double tariffs on Canadian steel and aluminium from 25% to 50%
- In the latest twist in a deepening trade war, Trump says it's in retaliation for 25% tariffs Ontario placed on electricity it sends to northern US states
- As a reminder: Tariffs are taxes charged on goods imported from other countries. The companies that bring the goods into the country pay the tax to the government
- Trump says the tariffs will begin on Wednesday, adding that he'll declare "a national emergency on electricity" in those states
- The latest escalation comes after the worst day of 2025 for US markets, fuelled by fears of President Donald Trump's aggressive tariffs on America's biggest trading partners
- When asked about a potential recession in a recent interview, Trump said the economy was in a "period of transition"
