Trump said on Wednesday that he plans to place 25 percent tariffs on auto imports from April 3.
The Canadian government has vowed to retaliate after President Donald Trump imposed tariffs on the country—a move that Canadian Prime Minister Mark Carney described as a „direct attack.“Why It Matters
Trump has made tariffs a key component of his economic offering in his second administration, positing that they will protect the domestic economy and enable the U.S. to haggle for better trade terms for the U.S.
As such, he has put tariffs on Canada, Mexico and China, including a 25 percent tariff on Canadian imports and a 10 percent tariff on Canadian energy imports.
However, concerns about a trade war are unsettling markets and creating fears of a recession in the U.S. Some Canadian customers are boycotting American products and Canada has barred Tesla vehicles from being eligible for the county’s electric vehicle rebate because of the tariffs.
