O’Leary Ventures Chairman Kevin O’Leary analyzes President Donald Trump’s tariff battle with Canada on ‘Varney & Co.’ #foxbusiness #varney
Canada introduced $21 billion in further tariffs towards the U.S. Wednesday after President Donald Trump’s new 25% tariffs on metal and aluminum went into impact.
Canada is the largest international provider of metal and aluminum to the U.S.
“Today, I am announcing that the government of Canada, following a dollar-for-dollar approach, will be imposing, as of 12:01 a.m. tomorrow, March 13, 2025, 25% reciprocal tariffs on an additional $29.8 billion of imports from the United States,” Canadian Finance Minister Dominic LeBlanc mentioned. “This includes steel products worth $12.6 billion and aluminum products worth $3 billion as well as additional imported U.S. goods worth $14.2 billion.”
“The list of additional products affected by counter-tariffs includes computers, sports equipment, and cast iron products as examples,” he continued.
TRUMP’S 25% TARIFF INCREASE ON ALL STEEL, ALUMINUM IMPORTS TAKES EFFECT
Canadian Prime Minister Justin Trudeau and President Donald Trump communicate through the G7 assembly in June 2018 in Quebec Metropolis, Canada. (Leon Neal/Getty Pictures / Getty Pictures)
“We will not stand idly by while our iconic steel and aluminum industries are being unfairly targeted,” LeBlanc added, in response to the CBC.
President Donald Trump’s 25% tariff enhance on all metal and aluminum imports formally took impact on Wednesday, the newest transfer within the administration’s plans to reshape international commerce norms in favor of U.S. manufacturing.
The motion prompted retaliation from the European Fee, which introduced shortly after Trump’s tariffs took impact that it might impose counter tariffs on the equal of $28 billion price of U.S. items beginning subsequent month.
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“We regret the unjustified US 25% tariff on steel and aluminium imports. The EU will protect its consumers and businesses,” the Fee mentioned in an announcement. “We are launching swift, proportionate countermeasures worth up to ($28 billion), matching the economic impact of the US tariffs.”
Trump’s motion to bulk up protections for American metal and aluminum producers restores efficient international tariffs of 25% on all imports of the metals and extends the duties to lots of of downstream merchandise created from the metals – every part from nuts and bolts to bulldozer blades and soda cans.
The nations most affected by the tariffs are Canada, the largest international provider of metal and aluminum to the U.S., Brazil, Mexico and South Korea, which all have loved some stage of exemptions or quotas.
President Donald Trump on Tuesday known as Canada “one of the highest tariffing nations anywhere in the world.” (Anna Moneymaker/Getty Pictures / Getty Pictures)
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Most U.S.-Canada commerce stays duty-free below the USMCA commerce deal that Trump signed in 2020, however he continues to complain about Canada’s excessive tariff charges for dairy merchandise.
FOX Enterprise’ Bradford Betz and Reuters contributed to this report.
