President Donald Trump on Tuesday announced a tariff hike on Canadian steel and aluminum to 50%, citing retaliation against Ontario’s decision to impose a levy on US electricity imports.
“I have instructed my secretary of commerce to add an additional 25 per cent tariff, to 50 per cent, on all steel and aluminum coming into the United States from Canada,” he posted on Truth Social.
The announcement sent shockwaves through financial markets, triggering a sharp selloff on Wall Street. Investors fear the tariffs could further strain US-Canada trade relations and push the economy toward a downturn.
With mounting concerns about recession, Trump faces growing pressure to present a concrete economic growth strategy rather than stoking fears with protectionist policies.
(With inputs from AP)