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yesterday

U.S. hikes steel and aluminum tariffs to 50%, Canada prepares countermeasures

The increase threatens to deepen economic fallout with Ottawa racing to secure tariff reductions before the G7 Summit

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.
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Prime Minister Mark Carney rises during Question Period on Parliament Hill in Ottawa, Wednesday, June 4, 2025. THE CANADIAN PRESS/Adrian Wyld

Overview

  • President Trump doubled steel and aluminum duties from 25% to 50% on June 4, intensifying a dispute that began in March
  • Canada supplies nearly half of U.S. aluminum and a quarter of its steel imports, making it the most exposed trading partner to the levy
  • Prime Minister Mark Carney labeled the hike illegal and unjustified and said Canada is in intensive negotiations to reverse the tariffs
  • Ottawa is lining up retaliatory duties on over $90 billion in U.S. goods and launching a $5 billion Trade Impact Program to support exporters seeking new markets
  • The European Union has pressed Washington for exemptions in parallel talks, and the tariff row is set to shadow next week’s G7 Summit in Canada