Overview

• 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.