Trump doubles planned tariffs on Canadian steel, aluminum to 50% as trade war intensifies
Washington, Mar 11 (AP): President Donald Trump said Tuesday that he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada, escalating a trade war with the United States' northern neighbour and showing an indifference to recent stock market turmoil and rising recession risks.
Trump said on social media that the increase of the tariffs set to take effect on Wednesday is a response to the price increases that the provincial government of Ontario put on electricity sold to the United States.
“I 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,” Trump posted Tuesday on Truth Social.
After a brutal stock market selloff 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 US 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 penalise US farmers. But he continued to call for Canada to become part of the United States as a solution, a form of taunting that has infuriated Canadian leaders.
“The only thing that makes sense is for Canada to become our cherished Fifty First State," Trump posted on Tuesday. "This would make all Tariffs, and everything else, totally disappear.”
Ontario Premier Doug Ford, after responding to Trump by raising electricity prices, said Tuesday on MSNBC that the US people and its business leaders needed to speak up against the “chaos” caused by Trump's launching of a trade war.
“If we go into a recession it's self made by one person. It's called President Trump's recession,” Ford said. “It shouldn't be this way. We should be booming, both countries.”
The US president condemned the use of electricity “as a bargaining chip and threat,” saying in a separate social media post on Tuesday that Canada "will pay a financial price for this so big that it will be read about in History Books for many years to come!”
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 — with plans for more to possibly come on Europe, Brazil, South Korea, pharmaceutical drugs, copper, lumber and computer chips — would amount to a massive tax hike.
The stock market's 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.
“All the emphasis on tariffs and all the ambiguity and uncertainty has both chilled demand and caused prices to go up,” Summers posted on X. “We are getting the worst of both worlds - concerns about inflation and an economic downturn and more uncertainty about the future and that slows everything.”
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% “because the White House has the option to pull back policy changes if downside risks begin to look more serious.”
Trump has tried to assure the public that his tariffs would cause a bit of a “transition” 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't rule out a possible recession.
“I hate to predict things like that,” Trump said on Fox News Channel's “Sunday Morning Futures." "There is a period of transition, because what we're doing is very big. We're bringing wealth back to America. That's a big thing. And there are always periods of — it takes a little time. It takes a little time. But I don't — I think it should be great for us. I mean, I think it should be great."
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.
“If I don't win you will have a 1929 style depression. Enjoy it,” 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 US factories.
It issued a statement that Trump's combination of tariffs, deregulations and increased energy production had led industry leaders to promise to “create thousands of new jobs.”
The significance of thousands of additional jobs was unclear, as the US economy added 2.2 million jobs last year alone, according to the Bureau of Labour Statistics.
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Devine’s all-round brilliance trumps Nandini’s hat-trick as GG edge DC by 4 runs
Navi Mumbai (PTI): Nandini Sharma’s maiden hat-trick went in vain as Sophie Devine starred with a breathtaking 95 and a superb final over under pressure to steer Gujarat Giants to a thrilling four-run win off the last ball over Delhi Capitals in a Women’s Premier League match here on Sunday.
This was Gujarat Giants' second win on the trot, while DC slipped to their second loss.
Sent in to bat, Giants opener Devine smashed seven fours and eight sixes in her 42-ball knock, adding 94 runs for the opening wicket with Beth Mooney (19) to set the platform.
Skipper Ashleigh Gardner kept the momentum going with a brisk 49 off 26 balls, but Nandini turned the tide with remarkable figures of 5 for 33, including a hat-trick, as Gujarat were bowled out for 209.
Chasing a stiff target, opener Lizelle Lee struck a scintillating 86 off 54 balls, studded with 12 fours and three sixes. She put on 41 runs with Shafali Verma (14) before adding 90 off 55 balls with Laura Wolvaardt (77 off 38) to keep Delhi firmly in the hunt.
Once Lee was dismissed by Kashvee Gautam (1/48) in the 15th over, Rajeshwari Gayakwad removed Chinelle Henry (7) to leave Delhi at 146 for three.
Needing 64 off the last 25 balls, skipper Jemimah Rodrigues (15) joined Wolvaardt as the pair plundered 58 runs in 23 balls to bring the equation down to seven off the final five deliveries.
Devine then returned to the spotlight, dismissing both batters and conceding just two runs in the final over to seal a dramatic win.
Earlier, Devine set the tone early, striking three fours off Chinelle Henry before taking Nandini apart with two fours and a six in the fourth over. She was particularly severe on Sneh Rana, hammering two fours and four successive sixes in an over that yielded 32 runs and powered Gujarat Giants to 80 without loss in the powerplay.
The New Zealander brought up her half-century in just 25 balls before Shree Charani broke the opening stand with a sharp caught-and-bowled effort in the ninth over to remove Mooney. Devine briefly regained control, hitting Charani for three sixes, but fell in the 11th over bowled by Nandini Sharma.
Skipper Ashleigh Gardner kept Gujarat Giants on course with a brisk 49 off 26 balls, smashing four boundaries and three sixes to take the side past the 200-mark.
Jemimah Rodrigues pulled off a fine catch to dismiss Georgia Wareham (3), while Henry removed Gardner and Bharti Fulmali (3).
Nandini then capped a memorable outing by picking up four wickets in the final over, including three off the last three balls, to complete her maiden hat-trick.
