Tuesday Ticker: President Trump’s 25 percent tariffs are back on the table

Toronto, Ontario — In this weekly Tuesday Ticker, United States President Trump brings back his threats of tariffs, this time to say he’ll announce 25 percent tariffs on all steel and aluminum imports, with “reciprocal tariffs” to follow later this week.

Tariffs back on the table
Canada is bracing again following threats of tariffs from U.S. President Donald Trump, who said he would formally announce 25 percent tariffs on all steel and aluminum imports on Monday, Feb. 10, including tariffs on Mexico and Canada.

“We are deeply concerned that U.S. President Donald Trump is again threatening more tariffs on Canada, this time directly targeting the steel and aluminum sectors,” said Catherine Cobden, president and CEO of the Canadian Steel Producers Association, in a statement. “While the details remain unclear, we will analyze the President’s order once it is released and have more to say at that time.”

President Trump made the remarks at a press conference aboard Air Force 1 on Sunday. He added that he would announce “reciprocal tariffs” on Tuesday or Wednesday, which would take effect almost immediately, applying to “all countries,” according to CTV News, matching the tariff rates put forward by each country.

“Very simply, it’s, if they charge us, we charge them,” said President Trump.

The Federal Canadian government has said it will not react to the steel and aluminum tariff announcement until it has more information or sees a written order from the President.

Greig Mordue, an associate professor at the W Booth School of Engineering Practice and Technology at McMaster University, says Canadian automakers could face cost increases of $5 billion or more annually if the tariffs go ahead.

“If you make half a million vehicles in Canada and you are confronted with tariffs of 25 percent, you might expect cost increases of $5 billion or more annually. No automaker can absorb that.

“If tariffs persist, U.S. consumers will be forced to pay,” said Mordue.

On Monday at 2 p.m. ET, the Canadian dollar was $0.70 compared to the U.S. dollar.