Trump Announces Higher Tariffs on Canadian Metals, Threatens Auto Industry

The U.S. President plans to double tariffs on Canadian steel and aluminum imports while warning of severe consequences for Canada’s automotive sector.

Donald Trump announced a 50% tariff on Canadian steel and aluminum imports, effective Wednesday morning, citing unfair trade practices.
The President claimed the tariffs could lead to the collapse of Canada's auto industry, intensifying trade tensions with the neighboring country.
Trump’s decision follows Ontario’s imposition of a 25% surcharge on electricity exports to U.S. states like Michigan, Minnesota, and New York.
The Canadian dollar fell by 0.5% and U.S. steel and aluminum company stocks saw significant gains following the announcement.
Economic experts warn that the increased tariffs may raise production costs for U.S. manufacturers and lead to higher consumer prices.