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President Donald Trump has said he will impose a 50 % tariff for importing steel and aluminum from Canada, escalating his battle with one of the largest trading partners in the United States.
“I have learned that my secretary of trade to add an additional tariff of 25%to 50%, to all steels and aluminum coming to the United States of Canada, one of the highest tariffs anywhere in the world,” and Trump wrote about his truth social A platform on Tuesday, promising to impose tariffs on Wednesday.
US aluminum prices have risen and US stocks have fallen after the announcement, with the S&P 500 index dropping by 0.8 %as fears of Trump’s trade war on the US economy have deepened.
Trump said the move is in retaliation at a 25 % surcharge set by Canada’s Ontario province Export of electricity to the USRaising electricity prices for about 1.5 million Americans in Newouperk, Michigan and Minnesota.
In a Later publication of social mediaTrump added: “Can you imagine that Canada is so low to use electricity, which affects the lives of innocent people, like a chip and a threat of bargaining?”
The advertisement is the latest in the Salvo-Titus series between the United States and Canada as aggressive on Trump Tariff threats Economic nationalism is also threatening to fracture trade in North America.
Shortly after his inauguration, the US president said he would impose 25 % tariffs on Canada and Mexico, but last week he awarded a month -long return for the goods that fulfilled the rules of the 2020 free trade agreement.
Aluminum and steel tariffs are part of a special package of duties to be imposed on manufacturers around the world, which should take strength on Wednesday.
White House officials say the 25 % global tariffs for metal imports aim to protect the US domestic industry.
Ontario’s Prime Minister Doug Ford, who has publicly split with Trump in recent days, responded that US markets have been “reserved” to the US president’s trade policy. “He needs to miss the tariffs and come to the table to negotiate a fair trade agreement,” Ford wrote to Ford. Until it does, we will not step down. “
Canada’s Natural Resources Minister Athonatan Wilkinson said: “Ontario’s response within their jurisdiction is to take them – we are clear and in constant contact with Americans for the federal response and we are working towards the April 2 deadline, where we want to see all the tariffs.”
Despite the slide in wider stock indexes, stocks in US steel manufacturers rose on Tuesday. US steel increased by 4 %, Nucor increased by 2 %, and steel dynamics gained 1.5 %.
A closely monitored measure of aluminum prices in the United States and London, called the “Middle West Premium”, rose sharply on Tuesday, highlighting the increase in the costs faced by US industrial groups.
The future follows the premium, followed by the prices of the metal delivered to the plants in the Midwest of the United States, increased by 18 %, according to FactSet data.
Trump said that if Canada He did not throw out his “long -standing” tariffs, he would “significantly raise” the taxes on the US coming in the United States, a move that said “in essence, it will permanently shut down the” country production industry industry.
Trump, who also pointed out that the northern neighbor of the United States can no longer be convinced that Washington will protect it militarily, added that “the only thing that makes sense is for Canada to become our fifty first country. This will do all the tariffs, and everything else, totally disappeared. ”
Canada has strongly rejected Trump’s proposals after becoming president in January.
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