Trump steps up his 2018 tariffs on steel and aluminum, risking inflation on promise of more jobs U.S. President Donald Trump on Monday removed the exceptions and exemptions from his 2018 tariffs on steel, meaning that all steel imports will be taxed at a minimum of 25%. Trump also hiked his 2018 aluminum tariffs to 25% from 10%. “We were being pummeled by both friend and foe alike,” Trump said as he signed two proclamations changing his orders during his first term. “It’s time for our great industries to come back to America.” The moves are part of an aggressive push by the president to reset global trade, with Trump saying that tax hikes on the people and companies buying foreign-made products will ultimately strengthen domestic manufacturing. But the tariffs would hit allies as the four biggest sources of steel imports are Canada, Brazil, Mexico and South Korea, according to the American Iron and Steel Institute. Full story here. Below is everything that happened on Monday, Feb. 10, 2025. 7:25 p.m. EST: Industry minister calls tariffs ‘totally unjustified’ Industry Minister François-Philippe Champagne says steel and aluminum tariffs on Canada are “totally unjustified.” Champagne says Canadian steel and aluminum support key industries in the United States, including defence, shipbuilding, energy and automotive. The minister says the government is consulting with international partners and promises a “clear and calibrated” response. The Canadian Press 6:45 p.m. EST: A timeline of Canada-U.S. tariffs on steel and aluminum U.S. President Donald Trump says he will impose 25 per cent tariffs on all steel and aluminum imports, including products from Canada -- a threat causing economic uncertainty across the country. Here’s a look back at the impacts of Trump’s previous steel and aluminum tariffs on Canadians. Full timeline of the impacts are here. 6:04 p.m. EST: Trump signs order imposing 25 per cent tariffs on steel and aluminum U.S. President Donald Trump is slapping 25 per cent tariffs on all steel and aluminum imports into the United States, including Canadian products. Trump signed the executive orders imposing the levies in the Oval Office, saying it’s a big deal and will make America rich again. The new duties come one week after Trump temporarily paused plans to hit Canada and Mexico with 25 per cent across-the-board tariffs and a lower 10 per cent levy on Canadian energy. The Canadian Press 5:39 p.m. EST: Trump imposes 25% tariffs on steel, aluminum Trump imposes 25% tariffs on steel, aluminum imports. U.S. President Donald Trump has announced plans to impose a 25 per cent tariff on all steel and aluminum products entering the U.S., including from Canada. Trump has said there will be no exceptions. He said there would be no exceptions or exemptions and that he is also looking at tariffs on cars, chips and pharmaceuticals. Meanwhile Trump agreed to consider exempting Australia from steel and aluminium tariffs, Prime Minister Anthony Albanese said on Tuesday after a phone call with Trump. Reuters 5:17 p.m. EST: No comment from Trudeau after day of events in France Prime Minister Justin Trudeau just arrived back from his evening reception in Paris where he was mingling with world leaders on the sidelines of the AI Action Summit. As was the case last night, Trudeau offered no comment about Trump’s steel and aluminum tariffs threat, or if Canada would be ready to retaliate. Rachel Aiello 5:02 p.m. EST: Freeland sends ‘message’ to Trump Chrystia Freeland shared a social media post addressed to Trump on Monday, re-airing footage of her Liberal leadership launch on Jan. 19. “I have a message today for President Trump,” Freeland said. “If you force our hand, we will inflict the biggest trade blow that the United States has ever endured.” The social media post comes less than an hour before Trump is expected to announce 25 per cent tariffs on all steel and aluminum imports. Hunter Crowther 4:23 p.m. EST: Toronto Region Board of Trade calls for government action Toronto Region Board of Trade president and CEO Giles Gherson calls on the government to take immediate action to “shore up our economy and protect Canada’s economic sovereignty” in the wake of U.S. President Donald Trump’s tariff threat. The board of trade says its “emergency to-do list” includes imposing targeted counter-tariffs on U.S. products to protect Canadian steel and aluminum businesses and providing immediate financial support for Canadian steel and aluminum producers. It says there is “little doubt that these crushing steel and aluminum tariffs may be the proverbial canary in the coal mine for a country pitching towards a serious national emergency.” The Canadian Press 4:20 p.m. EST: S&P/TSX composite rises more than 200 points, U.S. stock markets also higher Canada’s main stock index rose more than 200 points on Monday, led by strength in the energy, base metal and technology sectors, while U.S. stock markets also climbed. The S&P/TSX composite index closed up 215.95 points at 25,658.86. In New York, the Dow Jones industrial average was up 167.01 points at 44,470.41. The S&P 500 index was up 40.45 points at 6,066.44, while the Nasdaq composite was up 190.87 points at 19,714.27. The Canadian Press 4:04 p.m. EST: Wall Street takes Trump’s latest tariff threats in stride, and indexes rise Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stock indexes are rising. The S&P 500 rose 0.7% Monday, coming off a losing week bookended by worries about how potential tariffs could threaten the U.S. economy. The Dow Jones Industrial Average added 0.4%, and the Nasdaq composite rose 1%. Stocks of U.S. steel and aluminum producers jumped after Trump said he will impose tariffs on all such imports. McDonald’s also climbed on strength for its restaurants outside the United States. Treasury yields held mostly steady in the bond market. The Associated Press 3:38 p.m. EST: Mark Carney posts on X Trump wants us to lose our cool. But we need to stay united, with the right response. In the short term, Canada needs to manage foreign trade threats with dollar-for-dollar tariffs and supports for our critical steel and aluminum workers. And as we look to the future, we’ll need a coordinated strategy to boost investment, make our companies more competitive, and diversify our trading partners. Mark Carney 3:29 p.m. EST: Executive order signing moved to 5:30 p.m. The White House says President Donald Trump’s executive order signing has been moved to 5:30 p.m. It was previously scheduled for 1 p.m. No reason was provided for the delay. The Canadian Press 3:13 p.m. EST: U.S. dollar edges up, stocks higher as latest tariffs swirl The dollar rose for a third-straight session on Monday after U.S. President Donald Trump warned of more tariffs, including on steel and aluminum, while a gauge of global stocks shook off concerns about another round of duties and advanced.Trump is expected to announce on Monday or Tuesday 25% tariffs on all U.S. steel and aluminum imports, and reveal other reciprocal tariffs soon afterward. Reuters 2:05 p.m. EST: Alberta premier heads to Washington Alberta Premier Danielle Smith is travelling back to Washington, D.C., along with her provincial counterparts to lobby U.S. lawmakers and industry amid continued tariff threats from the U.S. president. Smith says she will embrace a “Team Canada approach” to convince Americans the levies will harm workers and businesses on both sides of the border, while also highlighting the “significant” role Alberta energy exports play in the U.S. At the same time, Smith is demanding the Canadian government reverse what she calls “soft-on-crime” federal law as part of its response to U.S. President Donald Trump’s concerns about border security. The premier says Prime Minister Justin Trudeau’s government must reintroduce mandatory minimum jail sentences for drug offenders, or offer up federal funding for Alberta to take over drug prosecutions. The Canadian Press 1:40 p.m EST: Canada as a state? ‘Hell no,’ Singh tells CNN NDP leader Jagmeet Singh responded to the threat of new tariffs on CNN. Singh told the anchor, “Don’t take our kindness for weakness,” adding “we don’t want any part of the 51st state, hell no.” Singh said that Canada can’t be vulnerable to the whims of a president who wants to attack his closest allies. When asked what Singh would do if he were prime minister, he repeated his suggestion that Canada should put tariffs on Elon Musk’s companies. “What I would do is put 100% tariffs on Tesla,” he said, adding he would withhold critical minerals needed for EV’s and battery components. “Let’s shut him down. We have the tools, and we should be ready to use them.” Heather Butts, CTV News 1:30 p.m. EST: Trump’s latest tariff plans on steel and aluminum are spreading uncertainty U.S. President Donald Trump plans to formally announce 25% tariffs on steel and aluminum imports today as part of an aggressive effort to remake the existing terms of world trade that so far has compounded economic uncertainty. Trump also intends this week to reset U.S. taxes on all imports to match the same levels charged by other countries, all of which comes on top of the 10% tariffs he already put on China, China’s retaliatory tariffs that started Monday and the U.S. tariffs planned for Canada and Mexico that have been suspended until March 1. All of this carries inflation risks at a moment when voters are already weary of high prices and fearful that price increases will eclipse any income gains. Trump maintains that the tariffs will level the playing field in international trade and make U.S. factories more competitive, such that any pain felt by consumers and businesses would eventually be worthwhile. “‘Fairness’ is in the eye of the beholder, but the more fundamental question is whether the U.S. actually benefits from such new tariffs,” Benn Steil, director of international economics at the Council on Foreign Relations, a New York-based nonpartisan think tank, said in an email to the Associated Press. “The costs to the U.S. will include higher prices to U.S. consumers, retaliatory tariffs abroad, and the loss of U.S. jobs and competitiveness in firms hit by higher input costs.” The Associated Press 1:22 p.m. EST: Finance Minister has ‘productive call’ with U.S. counterpart As Canada braces for U.S. President Donald Trump’s 25 per cent tariff on steel and aluminum imports, Finance Minister Dominic LeBlanc said he had a “productive call” with his U.S. counterpart, Treasury Secretary Scott Bessent, on Monday morning. In a post to X on Monday afternoon, LeBlanc said, “Our conversation focused on our common objective – building a strong North American economy that benefits citizens and industries on both sides of our shared border.” Stephanie Ha, CTV News 12:00 p.m. EST: TSX up more than 200 points as markets shrug off Trump’s tariff threat Canada’s main stock index was up more than 200 points in late-morning trading, helped by strength in the energy, base metal and technology sectors, while U.S. stock markets also climbed. The S&P/TSX composite index was up 217.05 points at 25,659.96. In New York, the Dow Jones industrial average was up 49.04 points at 44,352.44. The S&P 500 index was up 37.55 points at 6,063.54, while the Nasdaq composite was up 222.99 points at 19,746.39. The Canadian dollar traded for 69.82 cents US compared with 69.94 cents US on Friday. The Canadian Press 11:55 a.m. EST: Ontario premier speaks with CEOs of Canadian steel companies as tariff threat looms Ontario Progressive Conservative Leader Doug Ford says he has spoken with the CEOs of Canadian steel companies Stelco and Dofasco this morning about looming U.S. tariffs on steel and aluminum. Ford says he will wait until Trump’s formal announcement this afternoon before reacting to the tariffs, but notes Ontario is prepared to react “hard” and “fast.” Ford, who is heading to Washington, D.C., this week in his role as Ontario premier, says his team is in “constant communication” with federal officials and other premiers on the issue. The Canadian Press 11:35 a.m. EST: Singh calls for 100% tariff on Tesla imports As U.S. President Donald Trump reaffirms his desire to make Canada the 51st state, NDP Leader Jagmeet Singh is singling out Tesla CEO Elon Musk – who is a member of Trump’s administration – and calling for a 100 per cent tariff on Tesla imports. “We know that the billionaire buddy of Donald Trump, Elon Musk, is a driving force behind the 51st state, so let’s punch back against him,” Singh said to reporters in Windsor, Ont. on Monday. Asked what impact a tariff on Tesla imports could have, Singh said “it sends a clear message.” “When it comes to Elon Musk, I want to send a message directly to him on tariffs, on him, on his company. He thinks he can pick a fight with Canada. He thinks he can say that we should be the 51st state. We’re going to hit him back,” Singh said. Singh said he would also like to bring back the federal government’s rebate on electric vehicles. The program, which ended last month, offered drivers $5,000 back if they invested in EVs. To support Canadian workers, Singh said he wants to increase that rebate up to $10,000 if the vehicle was made in Canada. Stephanie Ha, CTV News 11:15 a.m. EST: Poilievre says he’d match Trump’s threatened steel, aluminum tariffs Conservative Leader Pierre Poilievre says that he would implement matching tariffs on American steel and aluminum if he was prime minister. Speaking in Iqaluit this morning, Poilievre says that money collected by counter tariffs would go back to Canada’s steel and aluminum industry, with any surplus used for broader tax relief. However, when asked about high food prices in the north Poilievre says he’d put “every penny” collected by counter tariffs into lowering taxes. The Canadian Press 10:40 a.m. EST: Hamilton, Ont. mayor says steel, aluminum tariffs would be ‘devastating’ Hamilton, Ont. Mayor Andrea Horwath said if U.S. President Donald Trump imposes 25 per cent tariffs on steel and aluminum, the impact to the residents in her community would be “devastating.” “It is going to be very, very difficult for our city for a sustained period of time if those tariffs do come to pass,” she told CP24 on Monday morning. “Who knows what Trump is going to announce today, who knows what the timing might be but just the destabilization that this president is causing for my community, it is already devastating.” She said the tariffs would results in “about a $1 billion hit” to the local economy. “People are worried about their jobs, they’re worried about the families, their worried about being able to make ends meet.” Codi Wilson, CP24.com 10:25 a.m. EST: Wall Street takes Trump’s latest tariff threats in stride Wall Street is taking U.S. President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are drifting higher on Monday. In Toronto, the S&P/TSX Composite Index was up 0.93 per cent to 25,679.8 as of 10:23 a.m. EST. The S&P 500 was up 0.4% in early trading, coming off a losing week bookended by worries about how potential tariffs could push up inflation and threaten the economy. The Dow Jones Industrial Average was up 160 points, or 0.4%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% higher. The bond market was also holding relatively firm, with Treasury yields ticking only a bit lower after Trump said over the weekend that he will impose 25% tariffs on all steel and aluminum imports, as well as other import duties later in the week. Fear around tariffs has been at the center of Wall Street’s moves recently, and experts say the market likely has more swings ahead. But Trump has shown that he can be just as quick to pull back on such threats, like he did with 25% tariffs he announced on Canada and Mexico, suggesting they may be merely a negotiating chip rather than a true long-term policy. The Associated Press 9:45 a.m. EST: TSX erases opening gains as markets digest latest tariff threats In Toronto, the S&P/TSX Composite Index erased a one per cent gain it saw at the open, falling 0.36 per cent to 25,442.91 as of 9:45 a.m. EST. Meanwhile, Wall Street is taking U.S. President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are opening higher. The S&P 500 rose 0.5 per cent in early trading Monday, coming off a losing week bookended by worries about how potential tariffs could threaten the economy. The Dow Jones Industrial Average was up 261 points, and the Nasdaq composite was up 0.7 per cent. Treasury yields ticked lower in the bond market after Trump said over the weekend that he will impose 25 per cent tariffs on all steel and aluminum imports, as well as other import duties later in the week. With files from the Associated Press 9:30 a.m. EST: North American markets higher at the open Canada’s benchmark stock index, the S&P/TSX Composite, opened higher on Monday, up one per cent as of 9:30 a.m. EST. In New York, the S&P 500 Index also opened higher, up roughly half a percentage point. Markets are reacting to U.S. President Donald Trump’s comments on Sunday, when he told reporters he plans to announce 25 per cent tariffs on all steel and aluminum imports into the U.S. today. This is a developing story. More information to come. Stock market today: Global shares trade mixed on continuing Trump tariff worries Global shares were trading mixed on Monday, as investors found bargains despite worries about U.S. President Donald Trump’s tariffs. Full story here. Real-time live market updates exclusively here BNNBloomberg.ca Canadian Steel Producers Association ‘deeply concerned’ about latest tariff threat The head of the Canadian Steel Producers Association says she is “deeply concerned” about the latest tariff threat by U.S. President Donald Trump. The U.S. president said on Sunday that he will formally announce 25 per cent tariffs on all steel and aluminum imports into the U.S. on Monday, including those coming from Canada and Mexico. Full story here. Trump’s invasion threats violate international law: Canadian ambassador The Canadian ambassador to France says threats by United States President Donald Trump to invade another country violate international law. “I’m just saying that in order to respect international law, you don’t threaten your neighbours by invasion,” Stephane Dion said. Full story here. Why Trump wants higher tariffs on steel and aluminum As he tries to reshape U.S. trade ties with the rest of the world, U.S. President Donald Trump has unveiled a new tariff threat: He’s pledged to impose a 25% levy on U.S. imports of steel and aluminum, which were valued at almost $50 billion in 2024. While the move is aimed at strengthening domestic production, it carries implications for the wider economy, given that the U.S. relies on imports to meet a large portion of demand for the metals in sectors such as construction, auto manufacturing, drinks packaging and the production of military equipment. Trump has already unveiled, then paused, blanket 25% tariffs on imports from Canada and Mexico, then went ahead with new 10% taxes on goods from China. The latest plan carries echoes of the president’s first administration, when steel and aluminum imports were subjected to tariff hikes following years of complaints from American companies and labour unions. Full story here. Trump says he will announce 25% steel and aluminum tariffs on Monday U.S. President Donald Trump said on Sunday he will introduce new 25 per cent tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties, in another major escalation of his trade policy overhaul. Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans, said he will announce the new metals tariffs on Monday. Full story here.
