Trump tariff fallout live: What Canadians need to know

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U.S. President Donald Trump imposed reciprocal global tariffs on trading partners on Wednesday, which have launched a wave of shocks around the world, and the market is trending towards the market.

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What did Trump announce?

Trump announced a minimum tariff of 10% on all trading partners, which planned to take effect on Saturday but will implement higher personalized tariff rates for certain countries on April 9.

These higher tariffs include a 34% tariff on China, a 20% tariff on imports from the EU, a 25% tariff on South Korea and a 32% tariff on Taiwan.

What level of tariffs has Trump imposed on Canada?

The White House said Canada and Mexico are still under the previous economic scope, and the president is linked to the movement of fentanyl on the border and is not subject to Trump’s latest tariffs.

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Goods compliant under the Canadian National-Mexico Agreement (CUSMA) will continue to be tax-free, but non-compliant goods face tariffs of 25% and 10% of energy and potash fertilizer. The 25% tariff on steel and aluminum remains.

However, if the existing 25% tariff on Canadian goods is later ruled, inappropriate goods will be subject to only 12% mutual tariffs.

What’s next for Canada?

Prime Minister Mark Carney said Trump’s tariff regime would “fundamentally change the global trade system” but did not provide more details on Wednesday.

The Prime Minister said that although Canada does not impose the latest tax, it still imposes a 25% tariff on steel and aluminum, as well as a 25% tariff on automobile imports, which will take effect on Thursday.

Auto tariffs have spread chaos throughout the large North American auto market.

Tariff Live Blog

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