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US-Canada Trade Dispute Intensifies with Tariff Hikes and Retaliation Threats

President Trump raises steel and aluminum tariffs to 50%, while Canada considers oil export restrictions and retaliatory measures.

U.S. President Donald Trump delivers remarks during a Business Roundtable event in Washington, D.C., U.S., March 11, 2025. REUTERS/Kevin Lamarque
Vessels are docked at the BlueScope steelworks, Port Kembla, Australia February 9, 2024. REUTERS/Lewis Jackson/File Photo
Flags wave in the wind near the Detroit River which seperates Windsor, Ontario, Canada, and Detroit, Michigan, U.S., in Windsor, Ontario, Canada February 4, 2025. REUTERS/Carlos Osorio/File Photo
Canada Minister of Energy and Natural Resources Jonathan Wilkinson participates in a media interview during CERAWeek in Houston, Texas, U.S., March 11, 2025. REUTERS/Kaylee Greenlee

Overview

  • President Trump announced a tariff increase on Canadian steel and aluminum imports to 50%, citing Ontario's now-suspended electricity surcharge as a key factor.
  • Canada's federal and provincial leaders are weighing retaliatory measures, including restricting oil exports and imposing tariffs on U.S. ethanol and other goods.
  • Ontario Premier Doug Ford temporarily halted the electricity surcharge after securing a meeting with U.S. officials to discuss trade relations and the USMCA agreement.
  • The escalating trade tensions have led to economic concerns, with Wall Street experiencing market instability and manufacturers preparing for higher production costs.
  • Alberta's energy minister proposed de-escalation options to Washington, emphasizing the importance of continued U.S. reliance on Canadian oil and gas exports.