U.S. launches tariff war, here's what Canadians need to know
The Financial Post brings you the latest news in Canada's trade war with the U.S.
Sweeping U.S. tariffs on Canadian goods went into effect today after U.S. President Donald Trump dashed hopes of a reprieve on Monday.
tap here to see other videos from our team.
U.S. launches tariff war, here's what Canadians need to know Back to video
tap here to see other videos from our team.
Canada is retaliating with $30 billion in tariffs of its own, with an additional $125 billion in levies set to take hold after 21 days.
Click here to go straight to a recap of today’s tariff news.
Prime Minister Justin Trudeau said in a press conference Tuesday morning that the U.S. has launched a “dumb” continental trade war and Canada is fighting back. He said that he will be meeting with the premiers Tuesday afternoon to talk about potential non-tariff responses.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
Trudeau said the federal government will be there to support Canadians through measures like enhancing employment insurance “no matter the cost.”
Mexican President Claudia Sheinbaum said today her government would announce tariffs and other measures on Sunday in response to the U.S. duties and she expects to speak with Trump on Thursday.
Here is what is happening Day One of Trump’s tariffs:
- Trump mulling tariff relief for Canada, Mexico: Lutnick
- Trump mulling tariff relief for Canada, Mexico: Lutnick
- Trump mulling tariff relief for Canada, Mexico: Lutnick
- Trump mulling tariff relief for Canada, Mexico: Lutnick
- ‘This is going to be tough,’ PM warns Canadians
This is going to be tough,’ PM warns Canadians - Trump mulling tariff relief for Canada, Mexico: Lutnick
- Trump mulling tariff relief for Canada, Mexico: Lutnick
- This is going to be tough,’ PM warns Canadians
- Trump mulling tariff relief for Canada, Mexico: Lutnick
This is going to be tough,’ PM warns Canadians - This is going to be tough,’ PM warns Canadians
This is going to be tough,’ PM warns Canadians - This is going to be tough,’ PM warns Canadians
This is going to be tough,’ PM warns Canadians - This is going to be tough,’ PM warns Canadians
This is going to be tough,’ PM warns Canadians - This is going to be tough,’ PM warns Canadians
This is going to be tough,’ PM warns Canadians - This is going to be tough,’ PM warns Canadians
Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of Posthaste will soon be in your inbox.
We encountered an issue signing you up. Please try again
Click here to go straight to a recap of today’s tariff news.
How did we get here?
Any possibility that tariffs on Canada and Mexico might be delayed or reduced was seemingly quashed Monday afternoon when Trump declared there was “no room left” to negotiate on the 25 per cent levies, which were originally announced in January.
“I would just say this to people in Canada or Mexico, if they’re going to build car plants, the people that are doing them are much better off building here because we have the market,” Trump said during a press conference.
Trump’s confirmation that the tariffs on Canada and Mexico would proceed — and that tariffs on China would be doubled to 20 per cent — sent stock markets tumbling, with the Dow Jones industrial average dropping close to 650 points and the S&P/TSX composite index falling nearly 400 points.
The development came after the U.S. Secretary of Commerce Howard Lutnick suggested earlier Monday on CNN that tariffs were not yet set in stone, and could be less severe than originally planned.
Which companies will be most impacted?
Potash miner Nutrien Ltd. is Canada’s most at-risk company when it comes to U.S.-imposed tariffs, according to a report from direct indexing platform Syntax Data.
The Saskatchewan-based company tops a list of the top 10 Canadian companies with the highest exposure to tariffs based on U.S.-generated revenue, using a proprietary classification system with data from 11,000 publicly listed companies.
The Syntax Data report says Nutrien’s customers could shoulder US$4.41 billion in additional costs from tariffs.
Four out of the top 10 at-risk firms identified in the report are energy production giants Enbridge Inc., TC Energy Corp., Suncor Energy Inc. and Parkland Corp.
The other most at-risk companies on the list based on tariff-impacted revenue are Magna International Inc. (US$10.85 billion), Barrick Gold Corp. (US$6 billion), Saputo Inc. (US$5.78 billion) and Bausch Health Companies Inc. (US$5.19 billion).
How is Canada responding?
Trudeau announced he would slap tariffs on $155-billion worth of U.S. imports, $30 billion of which would be immediate, with the remainder coming after 21 days.
On Monday, Ontario Premier Doug Ford announced Ontario would be taking U.S. alcohol off store shelves and would be ripping up a rural internet contract with Elon Musk’s Starlink.
Ford has also threatened cutting the power to 1.5 million U.S. homes.
Several other provinces have announced similar responses, primarily pledging to pull U.S. liquor from store shelves and to review government contracts with U.S. companies, though Alberta’s government doesn’t believe in retaliatory tariffs.
Tariffs live blog
With files from Financial Post staff, The Canadian Press and Bloomberg News