Today marks a significant development in global trade relations as the United States enacts a 25 percent tariff on steel and aluminum imports from all countries, including Canada. This latest move in President Donald Trump's ongoing efforts to realign trade policies came into effect at 12:01 a.m. ET. The order removes exceptions granted in 2018, which had previously exempted Canada and other nations from such duties. In response, Canadian officials are set to outline their strategy at a news conference on Parliament Hill at 9:45 a.m. ET.
Finance Minister Dominic LeBlanc, Foreign Affairs Minister Melanie Joly, and Industry Minister Francois-Philippe Champagne will lead the discussion on Canada's approach to counter these tariffs. The federal government aims to address the potential economic impacts and articulate countermeasures against the U.S. tariffs. This announcement follows recent negotiations which saw an agreement by Ontario to pause a surcharge on electricity exports, thus averting an escalation that could have doubled the tariffs imposed on Canadian metals.
The European Union has also been affected by these tariffs, with European Commission President Ursula von der Leyen stating their intent to respond accordingly.
"Applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros," said European Commission President Ursula von der Leyen.
The European Commission, responsible for managing trade conflicts for its 27 member countries, stands firm in its response to these new levies.
Additionally, Commerce Secretary Howard Lutnick is scheduled to meet with Canadian Premiers Doug Ford and Dominic LeBlanc in Washington on Thursday. This meeting aims to further discuss the implications of these tariffs and explore potential resolutions.
