O’Leary Ventures Chairman Kevin O’Leary analyzes President Donald Trump’s tariff battle with Canada on ‘Varney & Co.’ #foxbusiness #varney
Canada announced $21 billion in additional tariffs against the U.S. Wednesday after President Donald Trump’s new 25% tariffs on steel and aluminum went into effect.
Canada is the biggest foreign supplier of steel and aluminum to the U.S.
“Today, I am announcing that the government of Canada, following a dollar-for-dollar approach, will be imposing, as of 12:01 a.m. tomorrow, March 13, 2025, 25% reciprocal tariffs on an additional $29.8 billion of imports from the United States,” Canadian Finance Minister Dominic LeBlanc said. “This includes steel products worth $12.6 billion and aluminum products worth $3 billion as well as additional imported U.S. goods worth $14.2 billion.”
“The list of additional products affected by counter-tariffs includes computers, sports equipment, and cast iron products as examples,” he continued.
TRUMP’S 25% TARIFF INCREASE ON ALL STEEL, ALUMINUM IMPORTS TAKES EFFECT
Former Bank of Canada governor Mark Carney will become Canada’s next prime minister after winning the Liberal leadership race on Sunday night. (Artur Widak/NurPhoto via Getty Images / Getty Images)
“We will not stand idly by while our iconic steel and aluminum industries are being unfairly targeted,” LeBlanc added, according to the CBC.
President Donald Trump’s 25% tariff increase on all steel and aluminum imports officially took effect on Wednesday, the latest move in the administration’s plans to reshape global trade norms in favor of U.S. manufacturing.
The action prompted retaliation from the European Commission, which announced shortly after Trump’s tariffs took effect that it would impose counter tariffs on the equivalent of $28 billion worth of U.S. goods starting next month.
ONTARIO PREMIER BACKS DOWN, SUSPENDS ELECTRICITY SURCHARGE ON US
Dominic LeBlanc, Canada’s finance and intergovernmental affairs minister, speaks during a news conference in Ottawa, Ontario, Canada, in December 2024. On Wednesday, Canada announced new tariffs on the U.S. (Kamara Morozuk/Bloomberg via Getty Images / Getty Images)
“We regret the unjustified US 25% tariff on steel and aluminium imports. The EU will protect its consumers and businesses,” the Commission said in a statement. “We are launching swift, proportionate countermeasures worth up to ($28 billion), matching the economic impact of the US tariffs.”
Trump’s action to bulk up protections for American steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products made from the metals – everything from nuts and bolts to bulldozer blades and soda cans.
The countries most affected by the tariffs are Canada, the biggest foreign supplier of steel and aluminum to the U.S., Brazil, Mexico and South Korea, which all have enjoyed some level of exemptions or quotas.
President Donald Trump on Tuesday called Canada “one of the highest tariffing nations anywhere in the world.” (Anna Moneymaker/Getty Images / Getty Images)
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Most U.S.-Canada trade remains duty-free under the USMCA trade deal that Trump signed in 2020, but he continues to complain about Canada’s high tariff rates for dairy products.
FOX Business’ Bradford Betz and Reuters contributed to this report.
