O’Lery Ventures President Kevin O’Leeri analyzed ‘Verni & Company’ with Canada with the tariff fight of President Donald Trump.
Canada announced Steel and aluminum had an impact of $ 21 billion in additional tariffs against the US on Wednesday after President Donald Trump’s new 25% tariff.
Canada is the largest foreign supplier of steel and aluminum for America
“Today, I am announcing that the Canadian government will implement the dollar-for-dollar approach, tomorrow, March 13, 2025, 25% mutual tariffs to the United States to implement $ 29.8 billion from the United States to 12:01 pm.” “This includes $ 12.6 billion steel products and $ 3 billion aluminum products -with additional imported US goods $ 14.2 billion.”
“The list of additional products affected by counter-tariffs includes computers, sports equipment and raw iron products as examples,” they continued.
25% tariff increase of trump on all steel, aluminum imports are effective
Former Canadian Governor Mark Carney will become the next Prime Minister of Canada after winning the Liberal Leadership race on Sunday night. (Artur Widak / Nurphoto Getty Images / Getty Images)
According to the CBC, Labtle said, “We are not wrongly targeting our prestigious steel and aluminum industries.”
Trump 25% tariff growth on all steel and aluminum imports officially effectively effectively effectively effective, the latest steps in administration plans to reopen global trade norms in favor of American manufacturing.
The action inspired vengeance from the European Commission, which announced immediately after Trump’s tariff came into effect that it would impose counter tariffs equal to US goods worth $ 28 billion starting next month.
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The finance and inter -government Minister of Canada, Dominic Labc, during a news conference at Ottawa, Ontario in December 2024. (Through Kamara Morozuk / Bloomberg Getty Image / Getty Image)
The Commission said in a statement, “We regret improper US 25% tariffs on steel and aluminum imports. The European Union will protect its consumers and businesses.” “We are launching a Swift, proportional counterters worth ($ 28 billion), corresponding to the economic impact of the US tariff.”
Trump action American steel and aluminum producers reinstate the duties of 25% effective global tariffs of 25% on all imports of metals and expands the duties of hundreds of downstream products made from metals – all from nuts and bolts to bulldozer blades and soda compartments.
Canada is the most affected by tariffs, which is the largest foreign supplier of steel and aluminum for the US; Brazil; Mexico; And South Korea, which has all enjoyed the exemption or some level of quota.
President Donald Trump on Tuesday called Canada “one of the most tarfing nations in the world”. (Anna Moneymaker / Getty Image / Getty Images)
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Most US-Canada trade remains duty-free under the USMCA trade deal, signed by Trump in 2020, but continues to complain about Canada’s high tariff rates for dairy products.
Fox Business’ Bradford Betz and Reuters contributed to this report.
