US President Donald Trump said on Tuesday that he is “probably so” going to reduce the recently increased tariffs on Canada after Ontario suspended a surcharge on electricity exports to the United States.
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Speaking to reporters at the White House, Trump discussed his decision to hike tariffs on US imports, saying that he “had to do this”.
He also said that markets are going to swing up and down over time, dismissing concerns that led to a sell-off. He said the tariffs were needed to get American jobs back and factories open.
Earlier in the day, Trump had doubled his planned tariff on all steel and aluminium products coming into the United States from Canada, bringing the total to 50 per cent, in response to the province of Ontario placing a 25 per cent tariff on electricity coming into the US.
“Also, Canada must immediately drop their anti-American Farmer Tariff of 250 per cent to 390 per cent on various US dairy products, which has long been considered outrageous. I will shortly be declaring a National Emergency on Electricity within the threatened area,” Trump wrote.
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He also threatened to “substantially increase” tariffs on cars coming into the United States on April 2 “if other egregious, long time Tariffs are not likewise dropped by Canada”.
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Trudeau tells Trump that tariffs are ‘very dumb,’ says Canada is striking back
Trudeau tells Trump that tariffs are ‘very dumb,’ says Canada is striking back