On Wednesday, the Trump administration imposed so-called “reciprocal” tariffs on dozens of countries, but Canada was not targeted. Still, previously-announced auto tariffs will go into effect at midnight. And levies on steel, aluminum and goods that aren’t compliant with the existing North American trade deal remain in place.
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11:30 p.m. Stellantis shuts down Windsor assembly plant for two weeks, citing U.S. auto tariffs
Donald Trump’s trade war just landed a blow in Windsor.
Auto manufacturer Stellantis has informed its local union that it would be shutting down its Windsor assembly plant for two weeks starting April 7, and that “more changes to the schedule (are) expected in coming weeks.”
According to a memo to members, Unifor Local 444 president James Stewart said the company informed him of the closure Wednesday, after Trump’s Rose Garden announcement on reciprocal tariffs.
10:50 p.m.
The US Trade Representative office issued an explainer, of sorts, as to how the Trump Administration calculated reciprocal tariffs based on some combination of tariff and non-tariff factors.
It purports to be a mathematical calculation, but in reality, it seems a straight up effort to quantify what the American president feels the U.S. is owed due to imbalances in trade - which economists have argued are not zero sum calculations, but a function of a more complex set of supply chain realities.
8:20 p.m. U.S. Senate rebukes Trump as some Republicans vote against tariffs on Canadian imports
The Senate passed a resolution Wednesday night that would thwart President Donald Trump’s ability to impose tariffs on Canada, delivering him a rare rebuke just hours after the president unveiled sweeping plans to clamp down on international trade.
The Senate resolution, passed by a 51-48 vote tally, would end Trump’s emergency declaration on fentanyl that underpins tariffs on Canada. Trump earlier Wednesday announced orders — his so-called “Liberation Day” — to impose import taxes on a slew of international trading partners, though Canadian imports for now were spared from new taxes.
The Senate’s legislation ultimately has little chance of passing the Republican-controlled House and being signed by Trump, but it showed the limits of Republican support for Trump’s vision of remaking the U.S. economy by restricting free trade.
8 p.m. Canada received ‘different’ but not ‘special’ treatment, says Charest
Jean Charest, the former Quebec premier who sits on the prime minister’s Canada-U.S. advisory council, said Canada got “different treatment” from Europe but it didn’t get “special treatment.”
He is encouraged Trump says he will act under legislation that must go to Congress, which Charest says gives Canada the chance to deploy its arguments with elected representatives and senators. “It’s good news for us because then we have a much broader audience with whom we can engage directly and on a local level on all the issues that we care about.”
Still, Charest warned Canada has not escaped lightly, and more pain is to come with threatened tariffs on lumber, semiconductor chips and pharmaceuticals.
“It’s fascinating to watch the reactions, you know ‘Hey, we got kicked in the ass on the aluminum and steel and cars, boy are we ever feeling good.’ We are literally suffering from a Stockholm syndrome” in the face of Trump who is creating chaos and uncertainty, he said.
Carney, he predicted, will take his time to roll out a measured response. “We can’t go dollar for dollar, and we’re going to continue to say, and should continue to, say we’ll keep everything on the table.”
But in the end, he said, Canada is in a “terrible” bind. “They hurt us and we’re going to hurt ourselves to hurt them. It’s a world of bad choices and making the choice that’s least damaging is where we are.”
-Tonda MacCharles
7:43 p.m. Markets react to Trump’s new levies
In after-hours trading, futures options for major U.S. stock indices suggested there could be a huge drop on the markets Thursday.
The Dow Jones Industrial Average could drop 2.3 per cent when it opens, while the broader S&P 500 could drop 3.5 per cent, which would translate to more than $1.6 trillion (U.S.) in stock value being wiped out.
-Josh Rubin
7:40 p.m. Unifor head says Canada shouldn’t be celebrating
The head of Canada’s largest private sector union slammed Trump, and said no-one should be breathing a sigh of relief.
“Trump is gaslighting us, wanting us to be grateful for not having reciprocal tariffs imposed on Canada while he tries to pick off our domestic industries one by one. We won’t fall for it,” said Unifor National President Lana Payne.
“Today’s announcement offers absolutely no relief to Canadian workers who are ready to fight for every job, every plant, every community in this U.S.-initiated trade war.”
-Josh Rubin
6:51 p.m. Danielle Smith calls tariffs ‘a win for Canada and Alberta’
Alberta Premier Danielle Smith, writing on social media, hailed today’s tariff announcement from Trump as “an important win for Canada and Alberta, as it appears the United States has decided to uphold the majority of the free trade agreement.”
She said this means “the majority of goods sold into the United States from Canada will have no tariffs applied to them,” but that “unfortunately” there are still tariffs on autos, steel and aluminum. She said Canadian leaders should focus on trying to get those lifted, and focus on “diplomacy and persuasion while avoiding unnecessary escalation.”
She concluded by saying “it appears the worst of this tariff dispute is behind us” and called for “fast track national resources corridors” — something Conservative Leader Pierre Poilievre has promised on the federal campaign trail.
-Alex Ballingall
6:48 p.m. White House releases text of executive orders
6:41 p.m. Trump hits Canada with 25 per cent auto tariffs, 12 per cent on goods not covered by trade deal
U.S. President Donald Trump appears to have slightly spared Canada and Mexico, for now, from his latest round of tariffs that target America’s other global allies. But the relief was fleeting.
Trump gave the go-ahead to punishing 25 per cent auto tariffs that will hit Canadian exports, and which had been briefly paused. Now they will come in force after midnight, at 12:01 on April 3, on top of 25 per cent steel and aluminum tariffs already in effect.
Separately, the president trimmed back — but did not drop altogether — a threatened 25 per cent tariff on all Canadian and Mexican imports, with a lesser 10 per cent tariff on oil, gas and potash imports, that were tied to Trump’s initial purported border concerns about illegal migration and fentanyl smuggling. Those had already been slightly modified to briefly exempt those that comply with the Canada, United States, Mexico Agreement (CUSMA) rules of origin and other standards until midnight.
6:27 p.m. Mark Carney pledges ‘countermeasures’ after tariff announcement
Prime Minister Mark Carney says Canada will “fight” Trump’s tariffs with a series of counter-measures, that he is not detailing right now.
He calls Trump’s announcement a package of measures that will “fundamentally change the international trading system.”
Carney notes the fentanyl tariffs and the steel and aluminum tariffs are in place, and other threatened tariffs against other sectors are still to come.
Carney points to Trump’s ongoing threat to slap tariffs on “strategic” sectors like pharmaceuticals, lumber, and semiconductors.
“So we’re in a situation where there is going to be an impact on the U.S. economy, which will build with time. In our judgment, it will be negative on the U.S. economy that will have an impact on us. But the series of measures will directly affect millions of Canadians.”
“We’re going to fight these tariffs with countermeasures. We are going to protect our workers, and we are going to build the strongest economy in the G-7 in a crisis. It’s important to come together, and it’s essential to act with purpose and with force.”
Carney has repeated the same message in French, adding that he met today with the advisory council, and will huddle with his cabinet committee, and tomorrow meeting he’ll meet premiers, before he announces Canada’s full response.
-Tonda MacCharles
Carney says the tariffs announced today will fundamentally alter the international trading system, and that Canada will respond and fight against what Trump is doing, which will impact “millions” of Canadians. He said he’ll meet with premier tomorrow.
-Alex Ballingall
6:10 p.m. Canada should prepare for ‘semi-recession environment’ amid trade turmoil, economist warns
Benjamin Tal, deputy chief economist at CIBC, said it is encouraging to see Canada being largely exempt from Trump’s new “Liberation Day” tariffs.
“We might see more cooperation between Canada and the U.S. over the next few months as opposed to the previous few months,” he added.
Still, Tal believes Canada will experience a “semi-recession environment” due to the ongoing uncertainty around global trade.
He emphasized that a 25 per cent tariff on all foreign-made automobiles, which is still set to go into effect at midnight, will hurt the Canadian auto sector.
He also maintains that the Bank of Canada will hold its key interest rate at the next meeting on April 16 after cutting it for seven consecutive months.
-Ana Pereira
6:06 p.m. Bloc Québécois leader on Trump’s ‘confusing’ messaging
In a statement on social media Bloc Québécois Leader Yves-François Blanchet noted that Trump’s statements today were confusing, but noted that he took aim at Canada’s supply-managed dairy sector without hitting it with new tariffs.
He also pointed to how Trump did not mention Quebec’s Bill 96, the French-protection law that the US government identified this week as one of several Canadian trade barriers. Blanchet said he hopes the federal election campaign will continue without more “interference” from Trump.
-Alex Ballingall
6 p.m. Loonie gets slight break after tariff announcement
The loonie got a bit of a break as the full details of Wednesday’s announcement became clearer. Within an hour of the Rose Garden ceremony, the Canadian dollar rose by more than half a cent (U.S.) to 70.33 cents, but had given up some of that gain, and was back to 70.10 cents by 6 p.m.
-Josh Rubin
5:44 p.m. Industry leaders warn of economic ‘chain reaction’ due to auto tariffs
The head of the Canadian Chamber of Commerce slammed the tariffs, and said the rest of the world is now getting a taste of what Canada and Mexico have been facing for months.
“The world is waking up today to a reality that Canada has been living with for months,” said Chamber CEO Candace Laing.
“This chain reaction of tariffs and counter-tariffs will have a real and distressing economic impact on Americans, Canadians and the global economy. We hope that today’s positioning regarding Canada by the U.S. is part of a path to real negotiation, ultimately leading to long-term partnership focused on continental economic security and resilience.”
-Josh Rubin
Flavio Volpe, representing Canada’s autoparts manufacturers, posted on X: “The. Auto. Tariff. Package. Will. Shut. Down. The. Auto. Sector. In. The. USA. And. In. Canada.”
“Don’t be distracted,” he said, adding 25 per cent tariffs are 4 times the 6-7 per cent profit margins of all the companies.
“Math, not art.”
-Tonda MacCharles
The bottom line for Canada from the White House is that the new “Liberation Day” tariffs that Trump announced today are not impacting Canada. However, the auto tariffs are slated to come in at midnight, and existing tariffs of 25 per cent tariffs on goods that don’t comply with the CUSMA deal, and 10 per cent on energy and potash that doesn’t comply, will remain. That’s according to the White House.
-Alex Ballingall
5:40 p.m. Canada and Mexico spared from new round of tariffs targeting global allies
According to a “fact sheet” posted by the White House, the Administration will impose a baseline “10 per cent tariff on all countries” to take effect at 12:01 a.m. on April 5.
It will impose an “individualized reciprocal higher tariff on the countries with which the United States has the largest trade deficits” to take effect at 12:01 a.m. April 9.
Trump reserves the right to modify or escalate the tariff level depending on what steps trading partners take against or to align with the U.S.
It says that reciprocal tariffs will not stack on top of steel and aluminum or auto tariffs already hit, nor will these reciprocal tariffs hit other items Trump intends to penalize in the future, including copper, pharmaceuticals, semiconductors or lumber.
Specifically in Canada’s and Mexico’s case, it appears that Trump is not backing off his so-called “border” or “the existing fentanyl/migration” tariff orders which “remain in effect.”
However, remember, those tariffs were already slightly modified from 25 per cent across the board levy on all Canadian goods (with a lesser 10 per cent on energy and potash) to briefly exempt those that comply with the CUSMA’s rules of origin and other standards until midnight.
Now, the White House says there will be a 0 per cent tariff on goods that comply with the CUSMA, but goods that do not comply would be subject to a 12 per cent “reciprocal tariff.”
Trump is once again invoking emergency powers under the International Emergency Economic Powers Act, to levy the reciprocal tariffs to correct trade imbalances in the name of national security.
(That is the law that allows Congress to challenge a presidential declaration, as a group of Democratic Senators are trying to do.)
-Tonda MacCharles
5:33 p.m. Canada’s response to tariffs coming tomorrow
A spokesperson from the PMO is now telling reporters that we shouldn’t expect details of the Canadian response to what happened today until tomorrow. So if there are any counter tariffs, they would be announced tomorrow, she says.
-Alex Ballingall
5:24 p.m. Job losses, higher prices expected for Canada’s auto industry
The head of the association representing the Big Three U.S. auto makers in Canada wasn’t quite ready to breathe a sigh of relief, even though he said it could have been worse.
Because of the exception for CUSMA-compliant products, Canada’s automotive sector is better placed than other countries around the world, said Brian Kingston, president of the Canadian Vehicle Manufacturers Association.
“The only bright point here for Canada is that because of integrated nature of our supply chain, a very large proportion of the parts and components that go into vehicles built in Canada is American,” said Kingston.
Still, with other tariffs still looming, including potentially on automotive parts, the Canadian industry is far from out of the woods.
“These tariffs - and in particular if they move forward with automotive parts tariffs – are going to severely disrupt the supply chain over the better part of 60 years,” said Kingston, adding that higher prices for cars, along with job losses, are a likely result.
-Josh Rubin
5:12 p.m. Carney to address the media
Prime Minister Mark Carney is now expected to address reporters briefly on his way into a cabinet committee meeting at about 5:45 pm EST. We’re told he won’t be taking questions on the way in, and that their meeting is expected to last about an hour to an hour and a half.
Carney, of course, is campaigning to keep power for the Liberals in the April 28 federal election, with a campaign that has so been dominated by questions and concerns about Trump’s economic aggression.
-Alex Ballingall
5:07 p.m. Ontario premier says ‘stay tuned’ for tariff details as auto unions react
At Queen’s Park, Premier Doug Ford said it’s “pretty unclear” where Canada stands in terms of facing reciprocal tariffs — but he took heart from the chart Trump was holding up.
“The positive thing that I saw was we weren’t on that list,” Ford added. “We’re going to stay tuned.”
-Robert Ferguson
Flavio Volpe, head of the Canadian Auto Parts Manufacturers Association, said in a statement on X that “Canadians sighing with relief for not being on this list should remember we still have border tariffs of 25%, auto tariffs of 25%, and steel and aluminum tariffs of 25%.”
He added it is “like dodging a bullet into the path of a tank.”
-Tonda MacCharles
The head of the association representing non-U.S. auto makers in Canada blasted the tariffs. “Tariffs are taxes that hurt consumers by increasing costs, driving up inflation, and unfairly impacting workers on both sides of the border,” said David Adams, President and CEO of Global Automakers of Canada.
“At a time when automakers need certainty more than ever, we urge governments at all levels to consult with industry and think carefully about how to respond effectively to these unjustified tariffs, focusing on stability and maintaining competitiveness while minimizing unintended consequences.”
“Governments should look to long-term solutions to remove these tariffs, prioritizing the elimination of regulatory barriers to industry competitiveness and providing automakers with flexibilities to respond in these uncertain times.”
-Josh Rubin
4:54 p.m. Trump finishes remarks
Trump reiterates his plan to produce “cars, ships, (semi-conductor) chips, airplanes, minerals and medicines that we need right here in America. The pharmaceutical companies are going to come roaring back.”
However still no clear indication what the reciprocal rate on Canada will be, although Canada was clearly in the USTR report, and crosshairs.
Trump has ended his announcement, taking no questions.
-Tonda MacCharles
4:39 p.m. Punishing tariffs confirmed for global allies, but details unclear for Canada and Mexico
Trump held up a poster to display how the U.S. calculated other countries’ “unfair” tariffs and nontariff barriers to U.S. goods and announced he would match and halve the estimated rate. So he announced reciprocal tariff rates on China at 34 per cent, the EU tariff at 20 per cent, the UK at 10 per cent, India at 26 per cent, Japan at 24 per cent, South Korea at 25 per cent, Taiwan at 32 per cent.
But he did not reveal the particular rate for Canada, nor for Mexico.
The president did, however, make good on his threat to implement 25 per cent auto tariffs on non-U.S. made vehicles, starting at midnight.
There appear to be at least two pages listing reciprocal tariff rates, that have been handed out in the Rose Garden. Canada and Mexico are not listed for “reciprocal tariffs.”
Both continental neighbours of Trump, however, will be hit by the 25 per cent auto tariffs. It remains to be seen if the so-called “border tariffs” will also land.
-Tonda MacCharles
Reacting to the 25-per-cent auto tariff Trump said is coming into effect at midnight, David Adams, the head of the Global Automakers of Canada said this will unfairly impact workers on both sides of the border. Adams urged governments in Canada to “think carefully about how to respond effectively to these unjustified tariffs” and look to “long-term solutions” to get them removed.
-Alex Ballingall
LIBERATION DAY RECIPROCAL TARIFFS 🇺🇸 pic.twitter.com/ODckbUWKvO
— The White House (@WhiteHouse) April 2, 2025
4:27 p.m. Reciprocal tariffs announced on several countries
Trump announces “reciprocal tariffs” saying the U.S. will “calculate the combined rate of all their tariffs, non-monetary barriers and other forms of cheating,” setting the rate at “half” of what other countries charge the U.S.
The reciprocal tariff rates we see are: China is 34 per cent, the EU tariff rate is 20 per cent. On the UK, it’s 10 per cent.
On India: 26 per cent.
On Japan, 24 per cent.
On South Korea, 25 per cent.
On Taiwan, 32 per cent.
-Tonda MacCharles
This feels very Trumpy to me: a global audience fraught with anxiety about how his actions will vapourize wealth and jobs, learning how hard they’re getting hit by squinting at a placard the president is clutching in the White House Rose garden.
-Alex Ballingall
4:20 Questions remain on auto tariffs
The 25 per cent auto tariff Trump just announced that takes effect at midnight was first teased out by the president earlier this year. It was announced last week in an executive order, and then put on pause until April 3. At this point the big question is how much more is to come.
-Tonda MacCharles
Trump’s pitch here is really to return American economic policy to the 19th century, when — in his view — the U.S. was rich because of high tariffs. That was an era in Canada when tariffs and trade with the U.S. was a huge concern, often framed in terms of Canadian independence from the U.S. (and closeness with Britain).
-Alex Ballingall
During his speech in the Rose Garden announcing new tariffs, U.S. President Donald Trump claimed that the U.S. is "subsidizing" Canada to the tune of US$200 billion a year. That's a false claim, since the US is not paying Canada directly in a way that can be described as a subsidy.
4:19 p.m. Trump singles out Canada on trade
One line that will sting on this side of the border, as Trump announces 25-per-cent tariffs on “all foreign-made automobiles,” is when he says that friendly nations are worse than hostile nations when it comes to trade. “In many cases, the friend is worse than the foe, in terms of trade.”
He then makes his first mention of Canada, citing tariffs on dairy products. “It’s not fair to our farmers, it’s not fair to our country,” he says, repeating his claim that the US is “subsidizing” Canada to the tune of US$200 billion a year.
That’s a false claim, since the U.S. is not paying Canada directly in a way that can be described as a subsidy. He does complain about low military spending in Canada, as well as the U.S. trade deficit that is based largely on how much oil Canada sells to the U.S.
-Alex Ballingall
4:15 p.m. Trump will implement a 25 per cent tariff on ‘all foreign-made automobiles’ at midnight
Effective at midnight, Trump will implement the 25 per cent tariff on “all foreign made automobiles.”
It remains to be seen whether the exemptions for U.S.-made parts in Canadian automobiles will cushion any blow.
Trump also recited his usual complaint about Canadian limits on U.S. dairy imports.
Trump refers to the nearly 400-page report that the US Trade Representative’s office released yesterday. That detailed a whole range of “unfair” trade accusations the Trump Administration levies at Canada, including sales tax, digital sales taxes, limits on U.S. dairy and alcohol imports, bilingual labelling requirements and more.
-Tonda MacCharles
4:10 p.m. Trump declares ‘declaration of economic independence’ at Rose Garden
Trump’s using inflammatory language to preface his announcement, saying “For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.”
Trump said the executive order he is about to sign on reciprocal tariffs represents “our declaration of economic independence.”
Trump defies critics who warn of the economic damage tariffs will bring, claiming his tariffs will “supercharge our domestic industrial base.”
He asserts it will “pry open foreign markets and break down foreign trade barriers. And ultimately, more production at home will mean stronger competition and lower prices for consumers.”
The Rose Garden set-up for Trump’s so-called “liberation day” event, titled in his schedule as “Make America Wealthy Again” event, sees the White House bedecked in U.S. flags, and jammed with reporters and Trump cabinet officials.
-Tonda MacCharles
3:59 p.m. White House claims steel and aluminum tariffs ‘worked’ in 2018
Ahead of his 4 p.m. announcement, the Trump White House published a video and declaration on Wednesday boasting that tariffs on steel and aluminum “worked” in his first term.
It cited flattering studies and reports that it said showed steel and aluminum tariffs “reduced imports from China, effectively stimulated more U.S. production of the affected goods, and had very minor effects on downstream prices.”
The “fact sheet” cited an analysis by the Atlantic Council it said showed “tariffs would create new incentives for US consumers to buy US-made products.”
That’s contrary to the view of many economists that the broad-based tariffs to come will raise prices in the U.S., fan inflation, and lead to a drop in the U.S. economic output.
-Tonda MacCharles
3:46 p.m. U.S. targets restrictions on single-use plastics
The U.S. government has also identified the federal government’s “Zero Plastic Waste Agenda” as a trade barrier, prompting environmental groups to express concern that Trump will come after Canada’s environmental protections.
The agenda includes rules to restrict or ban single-use plastics like straws, ring containers and check-out bags. In a statement Wednesday, Ecojustice’s Sean O’Shea urged the government to “stand strong” and maintain its ban on single-use plastics and keep pushing for a global plastics treaty.
-Alex Ballingall
3:43 p.m. Head of aerospace union slams ‘short-sighted trade war’
The head of a union representing aerospace workers blasted the tariffs, and had special scorn for Trump’s decision to hit Canada. “Imposing tariffs on Canada would be like cutting off our nose to spite our face,” said Brian Bryant, president of the U.S.-based International Association of Machinists and Aerospace Workers.
“The IAM Union will continue to speak out against this short-sighted trade war and fight for a comprehensive, long-term strategy that strengthens manufacturing and prioritizes the interests of U.S. and Canadian workers.”
-Josh Rubin
3:31 p.m.: Supply management, French language protections non-negotiable in U.S. trade talks, minister tells the Star
In an interview with the Star, Liberal Culture Minister Steven Guilbeault - who is seeking re-election in a Montreal riding - reiterated that several things are firmly off-the-table in any trade negotiations with the Trump administration. That includes protections for Canadian and Quebec culture, the French language and the supply management system for dairy and egg farmers. “These are defining elements of what it means to be Canadian,” Guilbeault said.
It’s one of the areas where there is cross-partisan agreement in this election campaign. The Conservatives and New Democrats have also declared these issues should not be up to negotiation with the Americans.
This comes after the U.S. trade office identified Quebec’s Bill 96, which is meant to protect the French language in the province, as a trade barrier.
-Alex Ballingall
Environment Minister Steven Guilbeault speaks during a news conference in Ottawa in October.
Adrian Wyld The Canadian Press3:27 p.m. Trump’s tariffs could cost hundreds of thousands of Canadian jobs, say economists
Even if tariffs only last for one quarter, 160,000 Canadian jobs would be lost, at least temporarily, according to an economic impact study from the Conference Board of Canada.
But the longer they last, the deeper the impact would be, said Pedro Antunes, the Conference Board’s chief economist.
“If the tariffs last a quarter, the economy bounces back and people get rehired. But if they stay, everything gets hit. Employment, business spending,” said Antunes.
The impact will also be disastrous for the U.S. economy, Antunes added.
“We’ve always assumed that the U.S. will be affected just as much,” said Antunes.
And that, said Antunes, is likely Canada’s best hope for an end to the trade war.
“I just don’t think it’s going to be viable to sustain those tariffs for very long. It would be disastrous,” said Antunes, who also argued that the U.S. economy is the world’s largest because of its history of international trade.
Trump’s contention that other countries have been taking advantage of the U.S. is flat-out wrong, Antunes said.
“To say that free trade has been bad for the United States is just complete nonsense. And to move away from it would be a disaster” said Antunes.
-Josh Rubin
2:27 p.m. Liberals vow to protect supply management system
On X, Francois-Phillipe Champagne said the Liberals would defend Canada’s supply management system if re-elected.
“Let me be clear: to protect our agriculture and agri-food industries, we must defend supply management – and that’s exactly what we will do,” wrote Champagne, finance minister in Mark Carney’s cabinet.
-Josh Rubin
- Dylan Robertson The Canadian Press
2:17 p.m. Wall Street’s ‘fear index’ creeps up
The fear factor is rising.
The Chicago Board of Options Exchange volatility index – often referred to as the “Fear Index” – is rising again Wednesday, and was up just over a third of a percentage point by 2 p.m.
The VIX, as it’s usually referred to, is a measure of stock market volatility and uncertainty, measured by options trading of the S&P 500 Index.
Since this time last year, the VIX is up 48 per cent, to 21.69 points.
-Josh Rubin
U.S. Senate Minority Leader Chuck Schumer speaks during a press conference to address tariffs set to be imposed by President Donald Trump on Capitol Hill in Washington, DC, on April 2, 2025. Democrats claim that tariffs will raise prices and continue to cause chaos in the economy.
ROBERTO SCHMIDT/AFP via Getty Images1:37 p.m. Senate Democrats continue push to block emergency powers for Trump
A group of Democratic senators continued their push Wednesday to force a vote on a resolution to block Trump’s invocation of emergency powers to impose tariffs on Canada.
Virginia Democratic senator Tim Kaine decried Trump’s lumping Canada in with China and Mexico as the villains in America’s battle to fight what he agreed is a national fentanyl problem. “Canadian tariffs are not the answer to the solution because the fentanyl problem is not primarily a Canadian problem,” said Kaine.
New York Democratic senator Chuck Schumer, who is the minority leader in the senate, said Trump is not basing his tariff attacks on facts. “Look, are there certain tariffs that make some sense in a specific area where we’re being treated unfairly. Yes. But the kind of meat-ax blunderbuss approach that they use across the board on everything, and huge amounts, is typical of this administration. They don’t think things through.”
“There’s no factual basis here. It’s a crazy idea in his head that hurts American families and does very little benefit,” said Schumer.
Asked why Trump should not try to negotiate better access to Canadian markets for U.S. dairy farmers, Kaine said any disagreements about sectoral tariffs should be dealt with under and within the continental free trade pact that Trump re-negotiated and signed with Canada and Mexico in 2018.
“That’s the way they should deal with this problem. A Trump-inspired, state of the art trade deal that gives them a mechanism for resolving disputes. The fact that they’re throwing that aside and going with tariffs tells you that there’s something else here,” which Kaine said was Trump’s goal of raising tariff revenue to fund tax cuts.
-Tonda MacCharles
President Donald Trump’s fast-approaching “Liberation Day” sent stock markets swinging sharply worldwide on Monday. On Wall Street, the S&P 500 rose 0.6 per cent in another roller-coaster day, after being down as much as 1.7 per cent during the morning. (AP Video / March 31, 2025)
1:15 p.m. Pierre Poilievre urges immediate ‘targeted’ counter-tariffs
Hours before U.S. President Donald Trump unveiled a sweeping new tariff plan against global allies, Conservative Leader Pierre Poilievre outlined his most detailed and combative plan to date in response to the American economic threat that has also rattled his campaign hopes.
In a speech Wednesday in Toronto, Poilievre said Canada should immediately retaliate with “targeted” counter-tariffs to whatever level of tariff Trump levies, noting the full scope of the hit to come was still undetermined.
That is a slightly more nuanced proposal than broad “dollar-for-dollar” counter-tariffs that the Conservative leader previously embraced — which the Liberals have more recently also downplayed as a viable response for Canada with an economy a tenth the size of the Americans’.
1 p.m. Liberals pledge dairy-quota support, farm subsidies in tariff plan
Liberal Leader Mark Carney says in a media statement that supply management is “off the table in any negotiations” with U.S. President Donald Trump, who has long opposed Canada’s system of production quotas for dairy, poultry and eggs.
The party says it has a plan “to protect farmers, ranchers, and agri-food workers” which involves cutting regulations and earmarking $200 million for domestic food processing and $20 million for marketing.
The Liberals say they also would make permanent the recent doubling of the payment cap to $6 million for AgriStability — a program that works like crop insurance — and would also boost cleantech subsidies.
12:48 p.m. Small businesses face special risks from tariffs
Small businesses face special risks from the trade war, said Dan Kelly, CEO of the Canadian Federation of Independent Business.
While it’s theoretically easier and quicker to turn around a supply chain for a smaller business, if there’s a shortage of services or goods, suppliers will often take care of their bigger customers first, said Kelly.
“We saw that during the postal strike, and the rush towards couriers around Christmas. The big companies got their packages delivered. A lot of our members didn’t,” said Kelly.
Kelly also said small businesses face an even bigger hit from retaliatory tariffs imposed by Canada.
“About 16 per cent of our members export directly to the U.S. About 49 per cent of them import directly from the U.S. The retaliatory tariffs are going to hit harder,” said Kelly.
He also urged governments to take small businesses into consideration when preparing measures to help people and businesses affected by the trade war, and not to focus solely on large, high-profile industries.
“The first lens that governments have looked at this through is large, export-related businesses, and that’s perfectly understandable,” said Kelly. “You can do some EI measures or bailouts for the auto and steel sectors. But you’ve got to also think about the huge number of small businesses being affected.”
-Josh Rubin
12:20 p.m. Companies preparing for tariff turbulence as U.S. set to announce latest round
Impending U.S. tariffs have pushed Canadian companies to stockpile goods, cut back staff, put projects on hold and whatever else they think will help them survive the economic turmoil ahead.
U.S. President Donald Trump is set to unveil his administration’s latest tariffs on numerous countries later today, but it’s unclear what their scope or scale might be.
The threats have forced all sorts of company responses, ranging from businesses rolling out advertising to emphasize their Canadian ties, looking to secure new suppliers, and holding off on providing financial forecasts because of the huge uncertainty.
11:53 a.m. Bloc Quebecois leader Yves-Francois Blanchet said his party backs targeted reciprocal counter-tariffs, the provision of “transitory cash for businesses” affected by the tariff war, investment in innovation and opening new markets, and “all kinds of Buy Canadian acts.”
Blanchet again called on Ottawa to safeguard the French language and protections for the supply-managed agricultural sectors important in Quebec in any talks with the U.S., and urged the government to “make deals with Mexico and some European states” to broaden Canada’s ability to leverage bigger markets in its fight against U.S. tariffs. But he warned counter-tariffs must be “surgically chosen, with some exceptions, because some parts of our economy are very fragile. And those counter tariffs could be the end of them. So we have to be careful and strong at once.”
11:52 a.m. Border traffic light today
Border-crossing times at the Peace Bridge and the Queenston-Lewiston Bridge today were roughly a minute, both for commercial and non-commercial traffic. Traffic was also light on the Ambassador Bridge between Windsor and Detroit.
What had been a sea of cargo trucks over the past few weeks and months has slowed to a trickle, which isn’t all that surprising, said supply chain expert Fraser Johnson, a business professor at Western University’s Ivey Business School.
Since Trump’s election in November, American businesses who buy Canadian products have ramped up their orders, to try and get ahead of the tariffs, said Johnson.
“I think anyone who was using that strategy has already done it,” said Johnson.
11:40 a.m. Trump pressures Senate Republicans to oppose resolution that would nullify Canada tariffs
Senate Republicans are facing pressure Wednesday from President Donald Trump to oppose a Democratic resolution that would nullify the presidential emergency on fentanyl he is using to implement tariffs on Canada.
Just hours before Trump was set to announce his plan for “reciprocal tariffs” on China, Mexico and Canada — his so-called “Liberation Day” — the Senate was expected to vote on a resolution that offers Republicans an off-ramp to the import taxes on Canada. It is a significant test for Republican loyalty to Trump’s vision of remaking the U.S. economy by clamping down on free trade.
The votes of at least four Republicans — Sens. Lisa Murkowski of Alaska, Susan Collins of Maine, Mitch McConnell of Kentucky and Rand Paul of Kentucky — were in doubt ahead of the vote.
11:28 a.m. Italy’s Premier reiterated call to avoid a commercial war between Europe and US
Giorgia Meloni stressed that it would harm both sides and would have “heavy” consequences for the Italian economy.
“I remain convinced that we must work to avoid in all possible ways a trade war that would not benefit anyone, neither the United States nor Europe,” Meloni said at a public event celebrating Italian food and agricultural products.
Meloni recalled that Italian food and agricultural products are widely exported in Europe and globally, with the U.S. representing the second wider market, with exports up 17% in 2024.
11:25 a.m. Mexican President maintains optimistic tone in face of promised new tariffs
It comes as Claudia Sheinbaum’s government has sought “preferential treatment” by the Trump administration because of a free trade agreement between the two nations and Canada.
Sheinbaum said she would wait to take action Thursday when it was clear how Trump’s announcement would affect Mexico, and that her government was constantly in contact with his administration.
“It’s not a question of if you impose tariffs on me, I’m going to impose tariffs on you,” she said in a news briefing Wednesday. “Our interest is in strengthening the Mexican economy.”
11:20 a.m. Cartoon depicts tariff turmoil
A cartoon in The Buffalo News today depicts the Peace Bridge getting destroyed by missiles labelled “tariffs,” with the bigger barrage coming from the U.S. side. The bridge between Buffalo, N.Y. and Fort Erie, Ont. was built in 1927, and got its name from 100 years of peace between Canada and the U.S. In the cartoon, it’s labelled “Piece Bridge.”
Incoming... @thebuffalonews https://t.co/YmzhIltTvp
— Adam Zyglis (@adamzyglis) April 2, 2025
11:13 a.m. Olivia Chow joins U.S. mayors to talk tariff impact
In a joint morning press conference over video call, mayors from the Great Lakes and St. Lawrence cities regions laid out the damage these tariffs will cause to their respective municipalities’ economies in an indirect plea to Trump to consider the harm he is causing.
Ontario mayors from St. Catharines, Toronto and Oakville joined mayors of Milwaukee, Chicago, Rochester and Portage to also point out how intertwined the two countries’ economies are — something that cannot exist in a healthy way if these tariffs move ahead.
“Together we created a successful economic partnership that was the envy of the world,” said Toronto Mayor Olivia Chow. “Toronto is the largest city in Canada with a $123 billion in U.S. trade every year. And unfortunately, President Trump’s trade war is putting it all at risk.”
Mayor Cavalier Johnson of Milwaukee said retaliatory tariffs would mean costs for Wisconsin consumers would “inevitably rise significantly” with the cost of basic needs like gasoline spiking. “Much of the oil refined into gasoline in this region, it comes from Canada,” Johnson said.
Milwaukee is also a hub in the state of Wisconsin for deicing road salt. “And you know a great majority of that salt comes from where? The province of Ontario, Canada,” he continued. “That’s a new cost my residents would then have to bear.”
Mayor Brandon Johnson of Chicago said his city is already feeling the pain in key industries, from manufacturing to agriculture, “and these effects will certainly worsen if trade barriers remain in place.” This includes more than 11,000 jobs at risk and the state of Illinois losing nearly $2 billion in export revenue with industries such as automotive parts, food products, and manufacturing being directly impacted, he said.
Mayor Rob Burton of Oakville said the auto-industry is the heart and soul of Ontario’s economy and “misaligned policies” raise costs and put at risk the 3.5 million North Americans who power this industry from raw materials to manufacturing, supply chains and dealerships.
“A trade war is quite literally the last thing that we need,” Johnson (Milwaukee) said.
“It really doesn’t have to be that way,” Chow said.
-Mahdis Habibinia
11:09 a.m. Singh says ‘appeasing Trump’ isn’t the way to make tariffs go away
Singh is asked by a reporter if Canada should dial back on its digital services tax, which requires tech giants to pay a tax on all digital services revenue made in Canada, and is one of many trade irritants Trump has raised in justifying his tariffs on Canada.
“Appeasing Donald Trump is not the way. He’s going to come up with another excuse another day,” an unwavering Singh said.
Later, he adds, “We don’t win this fight to defend who we are as a country by becoming more like the United States. That’s not how we do it. We win the fight by defending who we are as a country and what we hold dear as a country.”
Singh also rejects Conservative Leader Pierre Poilievre’s idea that Canada should request a renegotiation of CUSMA immediately after the election, rather than waiting for the scheduled talks in 2026, saying it’s a “bad negotiating precedent.” (edited)
10:58 a.m. Singh outlines NDP tariff plan
NDP Leader Jagmeet Singh is zeroing in on Trump and his tariffs to start the day.
At a campaign stop in Winnipeg, Singh called Trump an “arsonist,” who is not only attacking Canada’s economy, but also its way of life.
Singh, who has held back from criticizing Prime Minister and Liberal leader Mark Carney’s response to the Trump tariffs in a call for unity, is nevertheless attacking his two rivals, Carney and Conservative Leader Pierre Poilievre, saying their plans would not prioritize working Canadians.
He is outlining his tariff response plan, most of which has been previously announced by the NDP: dollar-for-dollar retaliatory tariffs with all revenues going directly to support affected workers, EI reforms, and a national infrastructure building plan including an East-West energy grid.
He is also calling for a slew of restrictions on American ownership of Canadian industries, including banning American companies from federal contracts, banning American corporations from stripping assets from Canadian plants after receiving public money and from acquiring Canadian health care services. And he is vowing to ensure Indigenous Treaty rights, Charter rights, the French language, labour protections and environmental safeguards are protected in any negotiations with Trump.
“We will not compromise. We will not back down. We will not give up. And we will win this fight,” Singh said.
-From Mark Ramzy
10:54 a.m. Poilievre has not reached out to the Trump administration
Taking questions in Toronto, Conservative Leader Pierre Poilievre says he has not contacted anyone in the Trump administration, stating he is trying not to do anything that could “divide Canada’s voice.” But he adds he’s “doing his homework” and has a plan to confront the crisis, which he laid out in his speech earlier.
-Alex Ballingall
10:51 a.m. Stock markets on edge
Stock markets around the world have been on a roller coaster ride today, as investors wait for the latest tariff news.
In Toronto trading this morning, the S&P TSX Composite Index fell more than 100 points in the opening half hour of trading, but by 10:45 had clawed at least half of that back. In the U.S., the Dow Jones Industrial Average, S&P 500 and the tech-heavy NASDAQ all dropped quickly in early trading, but had regained most of their losses by 10:45.
The loonie, meanwhile, is treading water, and was unchanged at 69.86 cents (U.S.).
-Josh Rubin
10:20 a.m. Ford tells CNN tariffs will hurt American families
On CNN, Premier Doug Ford tells Wolf Blitzer that Trump’s tariffs are “going to hurt American families” because prices will rise and jobs will be lost stateside. “President Trump, calls it Liberation Day. I call it Termination Day because a lot of people are going to be terminated from their jobs,” says Ford. The premier says Canadians are united in their resolve to fight Trump’s levies with retaliatory measures. “There’s 40 million people at a fever pitch. They’re engaged and they’re ready to sacrifice.”
-Robert Benzie
10:07 a.m. Poilievre says expanding fossil fuel production is best way to break dependance on the U.S.
Poilievre is also arguing that expanding Canada’s fossil fuel production and exports is the best way to “break our dependence on the Americans.” He says Carney and the Liberals don’t support demands from the oil and gas sector, while the Conservatives do, including scrapping a planned emissions cap for the industry, ditching the Liberal’s Impact Assessment Act and oil tanker export ban on the north coast of British Columbia, and to ditch the national requirement for an industrial carbon price. Taking aim at Carney, a former central banker in Canada and the United Kingdom, Poilievre declares: “a resumé is not a plan.”
Some Conservatives have charged in recent days that Poilievre has focused too much on cost of living issues without centering Trump and his tariffs in his campaign pitch. Today feels like Poilievre is making the U.S. threats the core of his message, while also defending his focus on people struggling to afford groceries, housing and more.
-Alex Ballingall
10:00 a.m. Wall Street falls in final hours of trading before Trump’s tariff announcement
The S&P 500 was 0.7% lower in early trading Wednesday morning, but it’s had a pattern this week of opening with sharp losses only to finish the day higher. The Dow Jones Industrial Average was down 240 points, or 0.6%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.9% lower.
Tesla helped pulled the market lower after it said it delivered fewer electric vehicles in the first three months of the year than it did in last year’s first quarter. Its stock fell 4.7% to extend its loss for the year so far to nearly 37%. Tesla, one of Wall Street’s most influential stocks, has faced growing backlash due to anger about CEO Elon Musk’s leading the U.S. government’s efforts to cut spending.
9:55 a.m.: Pierre Poilievre says he would start new trade negotiations with Trump
In a speech in Toronto, Conservative Leader Pierre Poilievre is focusing hard on Trump and the tariff threat. He says Canada needs a targeted response to any new tariffs, to maximize pain on Americans and minimize impact on Canadians.
If the Conservatives take power, Poilievre also said he would propose to Trump on Day 1 to start new trade negotiations with a “firm date” to finalize a new deal, and that he would ask the US to pause all tariffs while the talks are ongoing. Another new thing from Poilievre today: a promise to put “any extra revenue” from expanded trade with the US (if that happens) towards the Canadian military. He’s pitching himself as the right choice to stand up against Trump, framing Liberal Leader Mark Carney as Trump’s preferred choice since, as Poilievre argues, the Liberals have left the economy weak and vulnerable to American economic aggression.
“Decline is a choice. But it’s not my choice. I choose to build,” Poilievre said. “My plan for the Canadian economy could not be more different than what you’ve seen over the lost Liberal decade of Carney and Trudeau.”
-Alex Ballingall
8:32 a.m.: Trump expected to announce ‘reciprocal’ tariffs at 4 p.m.
According to the White House, at 4 p.m., Trump will participate in the “Make America Wealthy Again” event in the Rose Garden. This is when he’s expected to announce his so-called reciprocal tariffs.
State of economywide tariffs on Canada unclear
As U.S. President Donald Trump prepares to unveil his so-called “liberation day” plan to hit multiple countries with tariffs, it’s still not clear whether a temporary pause on separate economywide duties on Canada will be lifted.
In early March, Trump imposed — then partially paused — 25 per cent across-the-board tariffs, with a lower 10 per cent levy on energy, on Canada and Mexico.
The president had said those fentanyl-related tariffs would return today — but the White House indicated earlier this week that no decision had been made.
Trump warns ‘disloyal’ Republicans against Liberation Day defection
U.S. President Donald Trump has touted April 2—the day that he unveils widespread tariffs against trading partners—as one that will go down in American history.
But as that day dawned, Trump was clearly spooked.
In a past-midnight social media post on Wednesday, the American president warned “disloyal” Republican lawmakers against supporting a resolution to rebuke the imposition of fentanyl-and-migrant-related tariffs against Canada.
Democrats push vote on tariffs targeting Canada as Trump calls for Republican support
Democrats in the U.S. Senate are moving forward on a resolution to block sweeping tariffs targeting Canada as President Donald Trump presses Republican lawmakers to continue backing his trade agenda.
Sen. Tim Kaine plans to force a vote on Trump’s use of the International Economic Emergency Powers Act, also called IEEPA, to declare an emergency over fentanyl trafficking to hit Canada with devastating duties.
“The president has justified the imposition of these tariffs on, in my view, a made-up emergency,” Kaine said Tuesday.
Why the world is split on how to respond to Trump’s ‘Liberation Day’ tariffs
On the eve of a new and wider round of American tariffs that U.S. President Donald Trump has billed as “Liberation Day,” world leaders are increasingly divided into two camps.
There are those, like Canada, who are bracing for a long and bruising trade war. And there are others making concessions, or convinced they can negotiate their country’s way clear of tariffs, the economic punishment Trump is inflicting to overhaul trading relationships and lure businesses and jobs to the U.S.
Canada has served as a near-solitary soldier on the front lines of the looming global trade war for weeks now, an example for all the world to see.
Donald Trump has repeatedly called April 2 “Liberation Day,” with promises to roll out a set of tariffs, or taxes on imports from other countries, that he says will free the U.S. from a reliance on foreign goods. (AP Video: Nathan Ellgren / April 1, 2025)
White House says ‘no exemptions’ as Canada braces for new wave of U.S. tariffs
U.S. President Donald Trump on Monday provided few details of his plan this week to upend global trade through “reciprocal” tariffs as the White House confirmed there’s been no decision on whether a pause on economy-wide duties against Canada will be lifted.
Key dates to watch this week for Trump’s tariffs on Canadian goods
Uncertainty still looms for Canada in what’s set to be a monumental week for U.S. President Donald Trump’s tariff plan. With multiple categories of American import taxes set to take effect, some Canadian industries are waiting to find out if and how they might be affected.
As the trade wars launched by U.S. President Donald Trump continue to escalate, all eyes are on Wednesday. Trump has repeatedly called April 2 “Liberation Day,” with promises to roll out a set of tariffs, or taxes on imports from other countries, that he says will free the U.S. from a reliance on foreign goods. Associated Press reporter Seung Min Kim explains. (AP Video / March 31, 2025)
Party leaders see future of Canada-U.S. relations through different prisms on campaign trail
Conservative Leader Pierre Poilievre says the Canada-U.S. relationship can be salvaged, while Liberal Leader Mark Carney says it’s basically “over” and time to seek allies elsewhere.
That’s the key difference in the approach of the two major party leaders toward how they propose to deal with U.S. President Donald Trump and his short- and long-term threats to Canada’s economy and independence.
Carney says if Trump can be persuaded to reach a new comprehensive economic and security agreement with Canada, he is willing to negotiate with the U.S., but his sights are already on Europe.
Poilievre says if Trump cannot be persuaded to drop threatened tariffs, he too is keen to find other dance partners.
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