Economic Impacts of Trump's Bold Tariff Moves

President Donald Trump announced an increase in tariffs on steel and aluminum imports from Canada to 50%. This decision responds to Ontario implementing a 25% tariff on electricity sent to the U.S. Trump demands the removal of Canadian tariffs on U.S. dairy or threatens to escalate automotive tariffs.

In a pointed move, President Donald Trump has doubled the tariff on steel and aluminum imports from Canada, setting the new rate at 50%. This increase comes as a retaliatory measure against Ontario's recent 25% tariff on electricity exports to the United States.

In his message shared on Truth Social, Trump instructed his commerce secretary to enforce the additional tariff starting Wednesday morning. He also criticized Canada's high tariffs ranging from 250% to 390% on American dairy products, branding them as 'outrageous', and signaling a potential national emergency declaration on electricity.

Furthermore, Trump issued a warning regarding the U.S. auto industry. By April 2, he threatens to significantly raise tariffs on Canadian cars unless longstanding Canadian tariffs are reduced, escalating tensions between the two countries.

(With inputs from agencies.)