Canada’s Finance Department revealed that over $3 billion had been collected through U.S. counter-tariffs before a significant portion of the levies were removed in September, falling far short of the government’s initial $20 billion revenue projection for the fiscal year. Prime Minister Carney opted to remove most of the tariffs to advance trade negotiations with the United States, despite a lack of agreement. This decision is expected to contribute to a deeper deficit in the upcoming budget. While the government defends its approach, the Canadian Steel Producers Association has criticized the exemptions granted on certain imports, which have further reduced the anticipated tariff revenue.
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Following a controversial advertisement from the Ontario government featuring Ronald Reagan, former President Donald Trump announced increased tariffs on Canada. The ad, which Trump claimed misrepresented Reagan’s views, led him to suspend trade talks with Canada and impose a 10% tariff increase. California Governor Gavin Newsom criticized Trump’s actions, labeling him a “man child” for allegedly punishing the American people due to hurt feelings. The advertisement itself, which the Reagan Foundation also criticized, aired during the World Series despite earlier condemnation.
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President Donald Trump has announced on social media he will impose a 10% tariff increase on Canada due to an Ontario government advertisement using Ronald Reagan’s words. Trump has criticized the ad, calling it fraudulent and claiming it aimed to influence the U.S. Supreme Court’s decision on the constitutionality of his tariffs. The Supreme Court is set to hear arguments regarding these tariffs in November. Meanwhile, Canadian Prime Minister Mark Carney, who is currently in Malaysia, has stated Canada is ready to resume trade talks when the United States is prepared.
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The federal government unexpectedly removed more counter-tariffs on American goods than originally stated, according to an order-in-council. This decision seemingly contradicts the prime minister’s earlier statements, which suggested counter-tariffs would be limited to goods not covered under the Canada-U.S.-Mexico Agreement (CUSMA). However, the official notice indicates that, excluding steel, aluminum, and auto industries, all Canadian retaliatory tariffs have been eliminated, even for non-CUSMA compliant products. Experts suggest this shift may be a strategic move to facilitate trade talks with the United States and streamline bureaucratic processes, despite criticism of the approach from some political figures.
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In response to President Trump’s threat to impose a 35 percent tariff on Canada, Prime Minister Mark Carney vowed to defend Canadian economic interests. Trump’s letter, published on Truth Social, accused Canada of financially retaliating against the United States due to the fentanyl crisis. The economic implications of these tariffs could be severe, given that Canada exports a significant portion of its goods to the U.S. Negotiations are ongoing, with a deadline of August 1st, and Canada has threatened countermeasures if the tariffs are enacted.
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In response to new US tariffs on various imported goods, Canada has implemented reciprocal 25% tariffs on select US automobile imports and parts. These retaliatory measures, announced by Finance Minister Champagne, target vehicles and components non-compliant with the CUSMA agreement or containing non-Canadian/Mexican content. The action follows President Trump’s imposition of global tariffs and ongoing trade disputes with Canada. This tit-for-tat escalation comes amidst heightened tensions between the two North American neighbours.
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Canada’s tariffs against the United States will remain in place until the US demonstrates a genuine respect for Canada, a stance that signals a firm and unwavering position on the matter. This isn’t simply about economic policy; it’s about demanding respectful treatment in international relations. The decision to maintain these tariffs reflects a calculated strategy, aiming to create a degree of certainty in the markets, a stark contrast to the unpredictable nature of past US trade policies. The erratic on-again, off-again approach to tariffs destabilizes international trade and causes unnecessary uncertainty for businesses. By holding firm, Canada seeks to end this inconsistency.… Continue reading
President Trump temporarily exempted auto tariffs on Mexico and Canada for one month, yielding to pressure from Ford, General Motors, and Stellantis to avoid financial harm. This reprieve, however, does not affect other existing 25% tariffs on Mexican and Canadian goods. The exemption is intended to allow automakers time to shift production to the US, a goal the administration hopes to achieve. Despite the temporary relief, Canada remains opposed to any tariffs on its goods.
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John Q. Hosedrinker 
Matt Underwood