Canada steel

US Election 2024

Trump Threatens 50% Tariffs on Canadian Aluminum and Steel

Following Ontario’s 25% electricity surcharge on exports to the US, Donald Trump announced a 25% tariff increase on Canadian steel and aluminum, raising it to 50%, effective immediately. Further, Trump threatened additional tariffs on Canadian cars by April 2nd if Canada doesn’t eliminate existing tariffs on US goods, potentially shutting down Canada’s auto industry. This action follows Trump’s declaration of a national emergency regarding electricity and demands that Canada drop its tariffs on US dairy products. Wall Street reacted negatively to the news, with major indices experiencing significant drops.

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John Q. Hosedrinker
World News

US Steel Orders Halted: Canada, Mexico Reject Trump Tariffs

Anticipating a potential re-imposition of tariffs by President Trump, Canadian and Mexican steelmakers are halting new U.S. orders. This action, impacting major suppliers like Stelco Holdings Inc. and impacting distributors such as Flack Global Metals, stems from concerns that steel imports from Canada and Mexico will not receive an exemption from the threatened 25 percent tariffs. With Canada being the top foreign steel supplier to the U.S. and Mexico the third largest, this uncertainty significantly impacts the U.S. steel market, which relies heavily on imports. The situation reflects a wavering confidence among steel producers in the face of the unpredictable trade policy.

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John Q. Hosedrinker

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