Trump doubles planned tariffs on Canadian metal
Trump doubles planned tariffs on Canadian metal
US President Donald Trump has said he will double the tariffs he previously announced on Canadian steel and aluminum imports into the US, taking the levies to 50% in total.
In the latest twist in a deepening trade war, Trump said it was in retaliation for a 25% surcharge Ontario announced on electricity it sends to northern US states on Monday.
Trump said if tariffs, including those on agricultural products were not dropped, he would hike taxes on the car industry, "which will, essentially, permanently shut down the automobile manufacturing business in Canada".
Ontario premier Doug Ford said: "Until the threat of tariffs is gone for good, we won't back down."
Ford added in a post on X that Trump had "launched an unprovoked trade and tariff war with America's closest friend and ally".
He has previously said he will "not hesitate to shut off electricity completely" if the US "escalates".
Tariffs are taxes charged on goods imported from other countries.
The companies that bring the foreign goods into the country pay the tax to the government.
But firms may pass then on some or all of the cost of levies to customers.
Writing on his social media platform Truth Social, Trump said his tariffs would go into effect on Wednesday morning, and that he would declare "a national emergency on electricity" in those states.
He also said Canada relied on the US for "military protection", and reiterated that he wanted the country to become the 51st US state.
He add that it "would make all tariffs, and everything else, totally disappear" if Canada were to join the US as a state.
Canadian Prime Minister-designate Mark Carney posted on X, "President Trump's latest tariffs are an attack on Canadian workers, families, and businesses. My government will ensure our response has maximum impact in the US and minimal impact here in Canada, while supporting the workers impacted."
"My government will keep our tariffs on until the Americans show us respect and make credible, reliable commitments to free and fair trade."
(Source: BBC)
source: tehrantimes.com