President Trump has announced a sweeping set of tariffs that could add up to 50% on Canadian steel and aluminum imports. The new tariffs come on top of existing tariffs and are part of a broader review which includes evaluations of trade barriers and taxes imposed by other nations. Trump criticized Canada's trade practices, predicting that their response to his tariffs would be significant. Meanwhile, some U.S. business leaders have begun to voice concerns about Trump’s aggressive trade strategies, which may backfire economically.
Canada is going to have to start paying up, Mr. Trump said while making the announcement. Canada is going to be a very interesting situation because, you know, we just don't need their product.
If Mr. Trump follows through on both, the rate on steel and aluminum will be a staggering 50 percent. Nations Denounce Trump Tariff on Metals and Warn of Retaliation.
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