O’Leary Ventures Kevin O’Leary’s president analyzes the tariff battle of President Donald Trump with Canada on ‘Varney & Co.’
Canada announced $ 21 billion in additional tariffs against the USA Wednesday after entering into force of the new 25% of President Donald Trump on Steel and Aluminum.
Canada is the largest foreign supplier of steel and aluminum so far
“Today, I announce that the Government of Canada, after an access to dollar for a dollar, will be imposed on 12:01 in the morning, March 13, 2025, 25% of reciprocal tariffs on an additional $ 29.8 billion of imports from the United States,” said Finance Minister Dominic Leblanca. “This includes steel products worth $ 12.6 billion and aluminum products worth $ 3 billion, as well as an additional imported goods in the USA -in the value of $ 14.2 billion.”
“The list of additional products affected by counter -courses includes computers, sports equipment and cast iron products as examples,” he continued.
Trump’s 25% tariff increase in all steel, aluminum imports enter into force
Former Bank of Canada Governor Mark Carney will become the next Kanada Prime Minister after winning the Liberal Leadership race on Sunday night. (Arthur Widak / Nurphoto via Getty Images / Getty Images)
“We will not stand still while our iconic steel and aluminum industry are unfairly targeted,” Leblanc added, according to the CBC.
Trump’s 25% of tariff increases in all imports of steel and aluminum officially entered into force on Wednesday, which is the latest move in administration plans for remodeling global trade standards in favor of US production.
The action encouraged the retaliation of the European Commission, which announced shortly after Trump’s Tariffs came into force that the counter tariffs would be imposed on the equivalent of US goods worth $ 28 billion, starting next month.
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Dominic Leblanc, a Canadian Minister of Finance and Intergrene Affairs, speaks during a press conference in Ottawa, Ontario, in December 2024. (Kamara Morozuk / Bloomberg via Getty Images / Getty Images)
“We regret the unjustified American tariff of 25% on imports of steel and aluminum. The EU will protect its consumers and businesses,” the Commission states. “We run a quick, proportional counter -value up to ($ 28 billion), which corresponds to the economic influence of American tariffs.”
Trump’s action In order to increase the protection of American steel and aluminum producers, they renew the effective global tariffs of 25% to all the imports of metal and expand their duties to hundreds of products downstream made from metal – all from nuts and screws to the knife knife and cans of soda.
The countries most influenced by the tariffs are Canada, the largest foreign supplier of steel and aluminum in the United States; Brazil; Mexico; and South Korea, who all enjoyed a level of exemption or quota.
President Donald Trump on Tuesday called Canada “one of the countries with the highest tariffs anywhere in the world.” (Anna Moneymaker / Getty Images / Getty Images)
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Most of the US-I-Kanada stores remain flawless according to the USMac trade agreement that Trump signed in 2020, but he continues to complain about the high tariff rates of Canadian dairy products.
Fox Business’ Bradford Betz and Reuters contributed to this report.
