(qlmbusinessnews.com . Wed 12th Mar, 2025) London, UK —
US Trade War Escalates: Trump Raises Tariffs on Canadian Steel and Aluminium
US President Donald Trump has announced that he will double the tariffs on Canadian steel and aluminium imports, effectively raising the charges to a staggering 50%. The move, part of an escalating trade dispute, comes as a direct response to a 25% surcharge recently imposed by Ontario on electricity exports to northern US states.
Speaking on his social media platform, Truth Social, Trump claimed the tariffs would take effect on Wednesday morning and warned that if retaliatory tariffs on American goods were not lifted, he would impose further taxes on the car industry—threatening to “permanently shut down” Canadian automobile manufacturing.
Ontario Premier Doug Ford has vowed not to back down until the tariff threat is fully resolved, accusing Trump of “launching an unprovoked trade and tariff war with America's closest friend and ally.” Canadian Prime Minister-designate Mark Carney also condemned the new tariffs, promising that his government would maintain robust measures to protect Canadian workers, families, and businesses while ensuring any response in the US has minimal impact on Canada.
The tariff escalation has rattled global markets. Major US indices such as the S&P 500, Dow Jones, and Nasdaq have experienced significant declines, with European benchmarks like the FTSE 100, CAC 40, and DAX also sliding. Analysts warn that the added costs from these tariffs could eventually be passed on to consumers, fuelling further inflation.
Meanwhile, Trump's aggressive trade stance is seen as a pivot from his previous policies, and his administration now faces increasing pressure from both domestic and international fronts. While some US businesses brace for potential disruptions, others have already taken precautionary measures, such as stockpiling essential components in anticipation of higher import costs.
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