On March 4th, 25% tariffs on Mexican and Canadian imports will be reinstated, alongside an additional 10% tariff on Chinese goods, bringing the total to 20%. This decision, announced by President Trump on Truth Social, cites persistently high levels of illicit drug imports despite neighboring countries’ efforts. The April 2nd reciprocal tariff date remains unchanged. This announcement contradicts earlier statements from the White House National Economic Council Director suggesting a later decision on tariff policy.
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Recent polls reveal a dramatic shift in Canadian public opinion, with the ruling Liberals and the Conservatives now in a statistical dead heat, erasing a significant Liberal deficit from just weeks prior. This surge in Liberal support coincides with the threat of US tariffs and the impending Liberal leadership race. While the Conservatives previously focused on attacking Prime Minister Trudeau, the Liberals have effectively countered by highlighting the perceived similarities between their rival leader and Donald Trump. All three polls suggest neither party would achieve a majority government, necessitating coalition building.
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In response to US tariffs on steel and aluminum imports, the UK government has expedited its £2.5bn investment plan for the domestic steel industry, detailed in a newly released green paper. This investment, including a £500m allocation for Tata Steel’s Port Talbot plant, aims to bolster the industry’s competitiveness and secure its role in major infrastructure projects. While the government seeks a resolution with the US, the plan prioritizes government co-financing of private sector-led innovations to strengthen the industry and protect jobs. The strategy addresses challenges such as high energy costs and global market instability.
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Following President Trump’s decision to eliminate exemptions and increase tariffs on steel (to 25%) and aluminum (to 25%) imports, the Japanese government formally requested an exclusion from these tariffs. This request, made through its Washington embassy, follows the removal of previous duty-free quotas—under which Japan exported 1.18 million tons of steel to the U.S. in 2024. The tariffs represent a significant shift in U.S. trade policy and pose a potential threat to Japan’s $2 billion in steel exports to the U.S. Japan indicated it will actively pursue an exemption before the tariffs take effect.
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Facing potential tariffs on U.S. imports, Tim Hortons is shifting to Canadian suppliers for certain goods, including some packaging, to mitigate cost increases for its franchisees. This initiative complements ongoing efforts to boost franchisee profitability, which includes menu innovations, service improvements, and streamlining operations. These strategies contributed to a nearly 9% increase in average Canadian restaurant EBITDA in 2024, reaching $305,000. Restaurant Brands International, Tim Hortons’ parent company, also reported strong overall revenue growth, exceeding analyst expectations.
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Hong Kong’s decision to complain to the World Trade Organization (WTO) about a U.S. tariff decision highlights a complex and long-standing dispute. The move underscores Hong Kong’s dissatisfaction with the tariff, but also raises broader questions about the WTO’s effectiveness and the evolving relationship between Hong Kong and China.
The crux of the issue lies in the seemingly arbitrary nature of U.S. tariff policies, which have impacted Hong Kong despite the intricacies of its unique political and economic status. This situation reflects a global trend where international trade agreements often face challenges in enforcement, particularly when powerful nations are involved.
The current state of the WTO itself presents a significant hurdle.… Continue reading
The Bank of Canada governor’s recent statements highlight that the threat of Trump-era tariffs is already impacting the Canadian economy. This isn’t just about the tariffs themselves, but a much deeper erosion of trust and goodwill between the two nations. The casual threats of annexation, the dismissive rhetoric, and the general lack of respect for Canadian sovereignty have created a palpable sense of unease and resentment among Canadians.
This feeling goes far beyond simple economic anxieties. Canadians are deeply hurt by the perceived disregard for their country as a sovereign nation. The casual insults and threats are seen as a betrayal of a long-standing friendship and partnership, causing significant emotional damage.… Continue reading
Facing potential U.S. tariffs and protectionist policies, Prime Minister Trudeau convened a summit to diversify Canada’s trade and stimulate economic growth. The summit aims to attract investment and create jobs by addressing internal trade barriers and offering incentives while countering the U.S.’s efforts to lure manufacturing south. This initiative follows a temporary reprieve on tariffs and includes exploring new trade partnerships with countries like Britain and the European Union. The potential economic impact of the U.S. tariffs is significant, with projections showing a substantial reduction in Canada’s economic growth.
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In response to new U.S. tariffs, China announced retaliatory measures including increased tariffs on U.S. coal, LNG, crude oil, agricultural machinery, and certain vehicles, effective February 10th. These measures, described as largely symbolic by some analysts, also include export controls on several critical minerals. China condemned the U.S. tariffs as WTO violations disrupting bilateral trade. Further escalation of this trade conflict remains a significant possibility.
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Doug Ford’s initial plan to cancel Ontario’s $100 million Starlink contract in response to potential US tariffs was swiftly reversed following a temporary suspension of those tariffs. The cancellation, announced as a retaliatory measure, was intended to provide high-speed internet to rural areas but was quickly put on hold when the tariff threat was paused. With the temporary reprieve, the Starlink contract will proceed, though the PCs have stated they may still cancel it if tariffs are reinstated. The Ontario Liberals, however, continue to advocate for the contract’s termination, criticizing both the deal itself and Musk’s close ties to President Trump.
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John Q. Hosedrinker 
Matt Underwood