{"id":129570,"date":"2025-03-11T16:26:48","date_gmt":"2025-03-11T16:26:48","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/trump-doubles-planned-tariffs-on-canadian-steel-and-aluminum-to-50-as-trade-war-intensifies-the-associated-press\/"},"modified":"2025-03-11T16:26:48","modified_gmt":"2025-03-11T16:26:48","slug":"trump-doubles-planned-tariffs-on-canadian-steel-and-aluminum-to-50-as-trade-war-intensifies-the-associated-press","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/trump-doubles-planned-tariffs-on-canadian-steel-and-aluminum-to-50-as-trade-war-intensifies-the-associated-press\/","title":{"rendered":"Trump doubles planned tariffs on Canadian steel and aluminum to 50% as trade war intensifies – The Associated Press"},"content":{"rendered":"

Copyright 2025 The Associated Press. All Rights Reserved.
Wall Street\u2019s sell-off is slowing on Tuesday, for now at least, following a scary stretch where worries about the economy and tariffs sent it close to 9% below its all-time high.
President Donald Trump delivers remarks in the Oval Office of the White House in Washington, Friday, March 7, 2025. (Pool via AP)
Wall Street\u2019s sell-off is slowing on Tuesday, for now at least, following a scary stretch where worries about the economy and tariffs sent it close to 9% below its all-time high.
President Donald Trump delivers remarks in the Oval Office of the White House in Washington, Friday, March 7, 2025. (Pool via AP)
President Donald Trump delivers remarks in the Oval Office of the White House in Washington, Friday, March 7, 2025. (Pool via AP)
▶ Follow live updates on President Donald Trump and his new administration<\/a><\/span>
WASHINGTON (AP) \u2014 President Donald Trump<\/a><\/span> said Tuesday that he will double his planned tariffs<\/a><\/span> on steel and aluminum from 25% to 50% for Canada, escalating a trade war with the United States\u2019 northern neighbor and showing an indifference to recent stock market turmoil and rising recession risks.
Trump said on social media that the increase of the tariffs<\/a><\/span> set to take effect on Wednesday is a response to the price increases that the provincial government of Ontario put on electricity<\/a><\/span> sold to the United States.
\u201cI have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD,\u201d Trump posted Tuesday on Truth Social.
After a brutal stock market selloff<\/a><\/span> on Monday and further jitters Tuesday, Trump faces increased pressure to show he has a legitimate plan to grow the economy instead of perhaps pushing it into a recession. But so far the president is doubling down on the tariffs he talked up repeatedly during the 2024 campaign and throwing a once stable economy into utter turmoil as investors expected him to lead with deregulation and tax cuts instead of colossal tax hikes.
The U.S. president has given a variety of explanations for his antagonism of Canada, saying that his separate 25% tariffs are about fentanyl smuggling and voicing objections to Canada putting high taxes on dairy imports that penalize U.S. farmers. But he continued to call for Canada to become part of the United States<\/a><\/span> as a solution, a form of taunting that has infuriated Canadian leaders.
\u201cThe only thing that makes sense is for Canada to become our cherished Fifty First State,\u201d Trump posted on Tuesday. \u201cThis would make all Tariffs, and everything else, totally disappear.\u201d<\/p>\n

Ontario Premier Doug Ford, after responding to Trump by raising electricity prices, said Tuesday on MSNBC that the U.S. people and its business leaders needed to speak up against the \u201cchaos\u201d caused by Trump\u2019s launching of a trade war.
\u201cIf we go into a recession it\u2019s self made by one person. It\u2019s called President Trump\u2019s recession,\u201d Ford said. \u201cIt shouldn\u2019t be this way. We should be booming, both countries.\u201d
The U.S. president condemned the use of electricity \u201cas a bargaining chip and threat,\u201d saying in a separate social media post on Tuesday that Canada \u201cwill pay a financial price for this so big that it will be read about in History Books for many years to come!\u201d
Trump was set to deliver a Tuesday afternoon address to the Business Roundtable, a trade association of CEOs that during the 2024 campaign he wooed with the promise of lower corporate tax rates for domestic manufacturers. But his tariffs on Canada, Mexico, China, steel, aluminum \u2014 with plans for more to possibly come on Europe, Brazil, South Korea, pharmaceutical drugs, copper, lumber and computer chips \u2014 would amount to a massive tax hike.
The stock market\u2019s vote of no confidence over the past two weeks puts the president in a bind between his enthusiasm for taxing imports and his brand as a politician who understands business based on his own experiences in real estate, media and marketing.
Harvard University economist Larry Summers, a former treasury secretary for the Clinton administration, on Monday put the odds of a recession at 50-50.
\u201cAll the emphasis on tariffs and all the ambiguity and uncertainty has both chilled demand and caused prices to go up,\u201d Summers posted on X. \u201cWe are getting the worst of both worlds – concerns about inflation and an economic downturn and more uncertainty about the future and that slows everything.\u201d
The investment bank Goldman Sachs revised down its growth forecast for this year to 1.7% from 2.2% previously. It modestly increased its recession probability to 20% \u201cbecause the White House has the option to pull back policy changes if downside risks begin to look more serious.\u201d
Trump has tried to assure the public that his tariffs would cause a bit of a \u201ctransition\u201d to the economy, with the taxes prodding more companies to begin the years-long process of relocating factories to the United States to avoid the tariffs. But he set off alarms in an interview broadcast on Sunday in which he didn\u2019t rule out a possible recession.
\u201cI hate to predict things like that,\u201d Trump said on Fox News Channel\u2019s \u201cSunday Morning Futures.\u201d \u201dThere is a period of transition, because what we\u2019re doing is very big. We\u2019re bringing wealth back to America. That\u2019s a big thing. And there are always periods of \u2014 it takes a little time. It takes a little time. But I don\u2019t \u2014 I think it should be great for us. I mean, I think it should be great.\u201d
The promise of great things ahead did not eliminate anxiety, with the S&P 500 stock index tumbling 2.7% on Monday in an unmistakable Trump slump that has erased the market gains that greeted his victory in November 2024. The S&P 500 index fell roughly 0.4% in Tuesday morning trading.
Trump has long relied on the stock market as an economic and political gauge to follow, only to seemingly ignore it as he remains determined so far to impose tariffs. When he won the election last year, he proclaimed that he wanted his term to be considered to have started Nov. 6, 2024 on Election Day, rather than his January 20, 2025 inauguration, so that he could be credited for post-election stock market gains.
Trump also repeatedly warned of an economic freefall if he lost the election.
\u201cIf I don\u2019t win you will have a 1929 style depression. Enjoy it,\u201d Trump said at an August rally in Pennsylvania.
The White House is no longer treating stocks as a reliable economic indicator. After the markets closed on Monday, the White House highlighted that the tariffs were prompting companies such as Honda, Volkswagen and Volvo to consider new investments in U.S. factories. It issued a statement that Trump\u2019s combination of tariffs, deregulations and increased energy production had led industry leaders to promise to \u201ccreate thousands of new jobs.\u201d
The significance of thousands of additional jobs was unclear, as the U.S. economy added 2.2 million jobs last year alone, according to the Bureau of Labor Statistics.
Gillies reported from Toronto.<\/p>\n

Copyright 2025 The Associated Press. All Rights Reserved.<\/p>\n

source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Copyright 2025 The Associated Press. All Rights Reserved.Wall Street\u2019s sell-off is slowing on Tuesday, for now at least, following a scary stretch where worries about the economy and tariffs sent it close to 9% below its all-time high.President Donald Trump delivers remarks in the Oval Office of the White House in Washington, Friday, March 7, […]<\/p>\n","protected":false},"author":1,"featured_media":129571,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-129570","post","type-post","status-publish","format-standard","has-post-thumbnail","category-world","entry"],"_links":{"self":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/129570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/comments?post=129570"}],"version-history":[{"count":0,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/129570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media\/129571"}],"wp:attachment":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media?parent=129570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/categories?post=129570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/tags?post=129570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}