Trump orders 50% tariffs on Canadian steel and aluminium
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US President Donald Trump says he will double tariffs on Canadian steel and aluminium from 25% to 50%
In the latest twist in a deepening trade war, Trump says it's in retaliation for 25% tariffs Ontario placed on electricity it sends to northern US states
As a reminder: Tariffs are taxes charged on goods imported from other countries. The companies that bring the goods into the country pay the tax to the government
Trump says the tariffs will begin on Wednesday, adding that he'll declare "a national emergency on electricity" in those states
The latest escalation comes after the worst day of 2025 for US markets, fuelled by fears of President Donald Trump's aggressive tariffs on America's biggest trading partners
When asked about a potential recession in a recent interview, Trump said the economy was in a "period of transition"
Trump orders 50% tariffs on Canadian steel and aluminium
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