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4w ago

Trump raises U.S. steel and aluminum tariffs to 50%, Canada pushes for negotiations

Canada maintains over $90 billion in counter-tariffs with intensive Washington talks under way

A Canadian national flag is seen in the background as workers cross the street in front of ArcelorMittal Dofasco's steel manufacturing buildings in Hamilton, Ontario, Canada, on Wednesday, June 4, 2025.
Prime Minister Mark Carney.
Opposition Leader Andrew Scheer speaks during Question Period on Wednesday, June 4, 2025
Prime Minister Mark Carney speaks with reporters outside of the Liberal caucus meeting in West Block on Wednesday, June 4, 2025

Overview

  • President Trump doubled tariffs on imported steel and aluminum from 25% to 50% on June 4
  • Prime Minister Mark Carney called the hikes unjustified and illegal but held off immediate retaliation to allow talks to proceed
  • Trade Minister Dominic LeBlanc met in Washington with U.S. Commerce Secretary Howard Lutnik as part of intensive discussions
  • Ottawa continues to enforce counter-tariffs on more than $90 billion of U.S. goods to protect Canadian industries
  • The Bank of Canada kept its key interest rate at 2.75% citing elevated trade uncertainty and a cautiously steady economy