If the U.S. won’t lead world trade, ‘Canada will,’ Carney says, launching counter-tariffs

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CTV National News: Canada's response to Donald Trump's latest trade salvo

CTV National News: Conservatives' candidate vetting process under scrutiny

CTV National News: The reason behind the NDP's 'Victory Bonds' pledge

Bloc Quebecois Leader Yves-Francois Blanchet says he wants better representation for Quebec

Canada slapping 25 per cent tariffs on U.S. vehicles not compliant with CUSMA

Canada is launching 25 per cent tariffs on all vehicles imported from the United States that are not compliant with CUSMA, Prime Minister Mark Carney announced Thursday. Vehicle parts are exempt.

It’s a countermeasure to a similar tariff U.S. President Donald Trump placed on Canada and the latest move in the two countries’ enduring trade war.

Previously imposed tariffs on a number of Canadian goods remain in place, and so do Canada’s countermeasures.

READ MORE: Mark Carney says Canada to match vehicle tariffs in response to Trump levies

Prime Minister Mark Carney paused his campaign as Liberal leader to deal with the tariffs. He returned to the campaign trail in Montreal this evening.

Meanwhile, Conservative Leader Pierre Poilievre campaigned in Ontario, making stops in Kingston and Oshawa. NDP Leader Jagmeet Singh started his day Ottawa, where he announced his “nation-building, war-time measures to Trump-proof Canada.”

Here’s a recap of what happened on Day 12 of the federal election campaign:

8:15 p.m. EDT: Canadian companies hit by market plunge

Today’s market plunge hit some Canadian companies hard, including Ottawa-based Shopify, which sank nearly 20 per cent. Concerns over a global economic slowdown, fueled by steep tariffs, are weighing on businesses that depend on e-commerce and consumer spending.

Apparel companies are also feeling the impact. Tariffs on major textile producers like Vietnam, Sri Lanka and China will drive up costs in the U.S.

Vancouver-based Aritzia, which has a strong retail presence south of the border, also dropped 20 per cent, while Lululemon, founded in B.C., was down 10 per cent.

Brendan Caldwell of Caldwell Investment Management says the full impact of tariffs on countries like Vietnam wasn’t widely considered.

“It’s going to cost Aritzia and the other clothing manufacturers quite a bit of money,” he said.

John Vennavally-Rao, CTV News national correspondent

5:35 p.m. EDT: Auto manufacturers intend to stay in Canada, Anand says

In an interview with CTV News chief political correspondent Vassy Kapelos on Power Play on Thursday, Industry Minister Anita Anand shared that she has spoken with auto companies, and they indicated they “intend to stay” in the country amid the tariffs.

“They do intend to produce in Canada, and that they want to work with the government of Canada to ensure that that continues to be possible,” Anand said.

“We have agreements in place with the auto manufacturers. That’s our Strategic Investment Fund, and we will continue to ensure that we come forward to maintain a healthy and vibrant auto manufacturing sector.”

Anand also said the government would be creating a “remission framework” that will offer relief for auto manufacturers as long as they continue their business in Canada.

“It’s a very serious approach that we are taking as a government, not only 25 per cent tariffs on the auto sector for U.S.-made cars, but also this back-end remission framework that gives the auto manufacturing industry some assurance that the government of Canada will be there for them.”

When asked for more details about the framework, Anand said they are still being ironed out as the government will consider feedback from the companies and other key stakeholders.

She did point out that providing loans is not part in the framework at this time.

“It is an all-hands-on-deck moment to make sure we’re doing what is necessary for the Canadian economy,” Anand said. “The idea of the remission framework is certainly to support the industry. There are various options on the table to do that.”

Read the full story here.

Bryann Aguilar, CTVNews.ca federal election journalist

4:55 p.m. EDT: Kingston Conservative candidate says he doesn’t support conversion therapy

Kingston Conservative candidate Bryan Paterson tells CTV News he is not currently a member of a church that has been at the centre of controversy for performing conversation therapy, which involves efforts to try and change a person’s sexual orientation.

“I was very clear when this happened a number of years ago that I do not support conversion therapy,” he told CTV News at an event with Conservative leader Pierre Poilievre Friday.

Paterson has taken a leave of absence from his role as Kingston’s mayor to run for MP.

“I actually seconded a city council motion supporting the ban on conversion therapy,” Paterson said, adding that he believes in equality and has told “every member” of the local LGBTQ community that he supports them.

“If he supported me in this, he would have said sorry in some context,” Ben Rodgers told CTV News.

Paterson distanced himself from the church back in 2020 after Rodgers went public with accusations about Paterson’s involvement in his conversion therapy at the Third Day Worship Centre.

Rodgers has since launched the support group CT Survivors Connect, and tells CTV News Paterson’s support of the LGBTQ community rings hollow.“He was there and he was part of it,” Rodgers said.

“I’m not going to forgive that if he doesn’t accept it.”

CTV News has also reached out to the Third Day Worship Centre but has not yet heard back.

When CTV News asked Poilievre about the vetting process for Paterson, noting his “previous connection” to the church in the question, Poilievre deflected, saying “you omitted from your question that Mr. Patterson renounced conversion therapy years ago, and so the question is not accurate.”

Abigail Bimman, CTV News national correspondent

4:08 p.m. EDT: Canadian and U.S. markets plummet amid tariff fears

Stock markets in Canada and the U.S. plunged Thursday on fears of tariffs imposed by U.S. President Donald Trump a day earlier.

The S&P/TSX Composite Index finished 3.84 per cent lower at 24,335.77, the S&P 500 finished 4.57 per cent lower at 5,411.68 and the Dow Jones Industrial average finished 3.98 per cent lower at 40,545.26.

Read more here.

BNN Bloomberg

3:01 p.m. EDT: Trump offers first reaction to stock market drop day after tariff announcement

The U.S. president commented as he left the White House for a trip to Florida, saying, “I think it’s going very well” and that the tariffs will result in “six or seven trillion dollars coming into our country.”

“The markets are going to boom, the stock is going to boom and the country is going to boom,” Trump said.

The Dow Jones Industrial Average dropped more than 1,300 points as U.S. stocks lead a worldwide sell-off after Trump’s announcement of tariffs against much of the world ignited a COVID-like shock.

Darlene Superville, The Associated Press

2:57 p.m. EDT: Smith says premiers supportive of Canada’s counter-tariffs

Speaking at the Calgary Chamber of Commerce, Alberta Premier Danielle Smith said she doesn’t believe the U.S. will retaliate against Canada’s counter tariff on U.S. autos that Carney announced earlier.

She added that during this morning’s meeting with Carney, all the Canadian premiers were supportive of the measured response from Ottawa to support the auto industry.

“The prime minister did let us know when he had his conversation with President Trump that clearly Canada has to have a proportionate response,” Smith said.

As for Canada being exempted from Trump’s “Liberation Day” tariffs, Smith called it a “very positive development.”

“We know that there’s still sector-specific tariffs that are going to come in around semiconductors, around pharmaceuticals. He continues to target supply management. So, there’s likely to be something there. We still have a very devastating situation for our forestry sector,” she said.

“It’s hard for me to celebrate when I know that there are a number of sectors who are who are being hurt but this is good that we are at least going to accelerate the negotiation of the Canada-U.S. free trade agreement,” which Smith said was something she’s been asking for.

Bryann Aguilar, CTVNews.ca federal election journalist

2:55 p.m. EDT: U.S. senators push bill on congressional authority over tariffs

The legislation pushed by Iowa Republican Chuck Grassley and Washington Democrat Maria Cantwell would require presidents to justify new tariffs and secure congressional approval within 60 days, otherwise they would expire.

Grassley said he was working on this long before Trump introduced sweeping global tariffs. Whether it gains traction in the Republican-controlled Congress remains to be seen.Congress already technically has authority over tariffs, but over the last century it has given much of that power to the president. This has effectively removed most of its check on executive power.

Lawmakers have some standing to counter tariffs, such as nullifying a presidential emergency declaration, but such resolutions need to pass both chambers and then either be signed by the president, or have the votes to override a veto.

Stephen Groves, The Associated Press

2:00 p.m. EDT: Poilievre defends candidate vetting

Conservative Leader Pierre Poilievre is defending his party’s vetting process after the party dropped four candidates in two days.

“Our vetting process is stronger than all the other parties. That’s why we have zero tolerance for anyone who acts unacceptably,” Poilievre said Thursday when asked by CTV News how Canadians can have confidence in the vetting process for candidates that the party believes would be fit to govern.

The party announced Tuesday and Wednesday that it had dropped candidates in Windsor-Tecumseh-Lakeshore, Laurier—Sainte-Marie, Westminster-Burnaby-Maillardville and Etobicoke North. One of the candidates was dropped after CTV News obtained audio of a podcast in which he joked about former prime minister Justin Trudeau getting the death penalty.

Past comments on social media were cited as reasons in two other cases, while no explanation was apparent in a fourth. Speaking in Kingston, Ont., Poilievre also defended the candidacy of Bryan Paterson, a local Conservative candidate who has been criticized for former ties to a church that performed so-called “conversion therapy” to try to change someone’s sexual orientation.

Poilievre said Paterson renounced conversion therapy “years ago,” so the question about vetting is not valid in his case. He also took aim at Liberal Leader Mark Carney for refusing to dismiss a candidate in Markham-Unionville who suggested that his Conservative opponent to be handed over to the Chinese consulate on the strength of Hong Kong’s controversial National Security Law.

“Mr. Carney said that it was a teachable moment. He’s right. It taught all of us that Mark Carney will never put Canada first,” Poilievre said. The candidate in that case stepped aside on his own Tuesday, saying he didn’t want to be “a distraction.”

Joshua Freeman, CTVNews.ca federal election journalist, with files from CTV News national correspondent Abigail Bimman

12:40 p.m. EDT: ‘The canary has died’: Volpe

“In mining terms, the canary has died,” said Flavio Volpe, president of the Automotive Parts Manufacturers’ Association, in a CTV News interview centring the trade war’s effect on the North American auto industry.

“The industry works on six and seven per cent profit margins,” he said. “On math, a 25 per cent tariff, or even one that’s discounted because of American content, still does not work.”

Luca Caruso-Moro, breaking digital assignment editor

12:10 p.m. EDT: No call scheduled for Trump and Carney

Despite Canada’s new tariffs introduced today, Carney says he has not scheduled a call with his U.S. counterpart.

“When we spoke,” Carney said, referencing his conversation with Trump last month, “I did advise the president that we would be retaliating against the auto tariffs.”

He said he would speak with Trump again “if it’s appropriate.”

Luca Caruso-Moro, breaking digital assignment editor

12:04 p.m. EDT: Carney’s pep talk

Carney’s news conference, which began as a breakdown of Canada’s response to U.S. tariffs, has turned into a pep talk for the trade war ahead, which he predicted will be “hard on Canadians.”

“Our children should be able to dream about a positive future, not worry about an economic crisis,” Carney said.

“It will require us to make difficult choices it will require sacrifices,” he said. But, he later added, “we have done hard, seemingly impossible things throughout our history.”

Luca Caruso-Moro, breaking digital assignment editor

11:55 a.m. EDT: ‘Canada will’ lead world trade if U.S. won’t

Canada is ready to lead an international coalition of countries that favour free trade, Carney said. “If the United States no longer wants to lead, Canada will,” he said, adding Canadians will need to look to other countries and strengthen trade relationships amid its trade war with the U.S.

Also, “the time has come to renegotiate our relationship with the United States,” he said, adding those negotiations will take place after the election wraps up, as previously announced.

Luca Caruso-Moro, breaking digital assignment editor

11:45 a.m. EDT: Canada launches counter auto tariffs against U.S.

“The Government of Canada will be responding by matching the U.S. approach with 25 per cent tariffs on all vehicles imported from the United States that are not compliant with CUSMA, our North American free trade agreement,” said the prime minister.

Those tariffs will not affect auto parts, he said, “because we know the benefits of our integrated production system.”

Luca Caruso-Moro, breaking digital assignment editor

11:30 a.m. EDT: Conservatives would cut GST on Canadian-made vehicles

Conservative Leader Pierre Poilievre says he would eliminate the federal sales tax on Canadian-made vehicles as part of Canada’s response to U.S. tariffs.

“Everyone who’s looking to buy Canadian to support Canadian workers will be able to save money as a result of this announcement,” Poilievre said during a campaign stop in Kingston, Ont.

He estimated the move would save around $2,500 on an average car purchase and said he’s calling on the premiers to remove the provincial sales tax – a move that would further boost savings. His announcement comes as the U.S. imposes 25 per cent tariffs on foreign-made vehicles.

Poilievre said that while Mark Carney last week described his conversation with Trump as “very constructive,” Canada was not spared in Trump’s latest tariff announcement. He said by contrast, he would “demand” that Trump quickly renegotiate CUSMA.

“On my first day on the job as Prime Minister, I will call the president and demand that we rapidly renegotiate the CUSMA agreement on a very tight timeline that will allow us to find certainty,” Poilievre said.

Joshua Freeman, CTVNews.ca federal election journalist

11:20 a.m. EDT: No changes for GM Canada

“GM Canada’s manufacturing facilities are operating regular production, and we continue to monitor and assess the situation,” the company wrote in a statement.

Earlier this morning, Stellantis said it would temporarily shut down a large plant in Windsor, Ont. Moreover, 900 Stellantis workers in the U.S. are being temporarily laid off.GM, which owns Chevrolet, Buick, GMC, and Cadillac, operates several assembly and parts distribution plants across four provinces.

Luca Caruso-Moro, breaking digital assignment editor

10:55 a.m. EDT: Doug Ford supports retaliatory tariffs

Ontario Premier Doug Ford tells reporters that he would support retaliatory tariffs on the American auto sector. Ford made the comment to reporters at Queen’s Park following a virtual meeting with Prime Minister Mark Carney and other Canadian premiers on Thursday morning.

“I do believe and I would support retaliatory tariffs very similar to what they have against us in the auto sector but that is strictly up to the Prime Minister,” Ford said. “I am a strong supporter of showing the U.S. that we negotiate through strength not through weakness but it will be up to the Prime Minister to tell the country how we are going to retaliate.”

Ford added that while his fellow premiers agreed that Canada “got the best of a bad deal” in being spared from the reciprocal tariffs imposed by the U.S., the tariffs that do remain on Canadian goods are “still totally unacceptable.”

“The only thing that is acceptable is zero tariffs,” he said.

Read the full story here.

Chris Fox, managing digital producer for CP24 and CTV News Toronto

10:50 a.m. EDT: ‘THE PATIENT LIVED,’ declares Trump

The morning after he slapped tariffs on imports from trading partners around the world, U.S. President Donald Trump declared on Truth Social: “THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING,” and “THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!”

If the American economy is the patient, the “healing” process has already proven to be painful. Markets are sliding this morning, with the Dow Jones down 1,500 points one hour after opening. Stellantis, one of the world’s largest auto manufacturers with plants in Canada and the U.S., has closed its Windsor Assembly plant and laid off 900 workers in the U.S. – both temporarily.

Luca Caruso-Moro, breaking digital assignment editor

10:10 a.m. EDT: Blanchet wants Quebec rep in U.S. trade talks

Bloc Québécois Leader Yves-François Blanchet says he wants Quebec to be able to choose the Quebec members who will be part of negotiations with the U.S. in the ongoing trade war with the U.S. Speaking at a campaign stop Thursday, Blanchet said he supports dollar-for-dollar tariffs in response to U.S. trade action, but he wants to make sure, in particular, that Quebec industries are represented.

“I think it’s important that Quebecers know that they can have some major control over future negotiations, so that there’s no deal without Quebec,” Blanchet said in French. He said depending on how many seats the Bloc wins, they could potentially hold the balance of power in Parliament after the election.

“As a moderate ally and partner, we can participate in these negotiations, but ensuring that there is no scenario where the Quebec economy will be sacrificed to please Mr. Trump,” Blanchet said. He said if the Bloc ends up with the balance of power, they would have a sort of veto over negotiations to make sure that Quebec is not adversely affected in any new agreement. In particular, he mentioned supply management for dairy and eggs as a key point.

Blanchet also said he’s hopeful that Trump’s announcement Wednesday will mean that there is room in the rest of the campaign to focus on other issues that matter to voters.

Joshua Freeman, CTVNews.ca federal election journalist

9:55 a.m. EDT: Stellantis to temporarily lay off 900 U.S. workers due to tariffs

Stellantis NV, maker of Ram trucks and Jeeps, said on Thursday it was temporarily laying off 900 workers at five U.S. facilities after President Donald Trump’s tariffs were announced, and temporarily pausing production at an assembly plant in Mexico and in Canada.

The U.S. plants affected are powertrain and stamping facilities. Stellantis’ Windsor Assembly, where the Chrysler Pacifica minivan and Dodge Charger Daytona are made, will be down for two weeks while Toluca Assembly, where the Jeep Compass and Jeep Wagoneer S are made, will be down the month of April, the company said.

Kalea Hall, Reuters journalist

9:45 a.m. EDT: Singh promises Canada ‘Victory Bonds’

Jagmeet Singh just announced an NDP government would launch Canada Victory Bonds -- which New Democrats describe as “secure, tax-free savings bonds” as a way for Canadians to resist “Donald Trump’s reckless trade war.”

As detailed in an NDP news release, the bonds would be:

• Available in 5-year and 10-year terms, these bonds will pay a compounding interest rate of 3.5%—set 0.25% above the average 5-year bank GIC.
• Tax-free if held to maturity, a $100 bond will grow to $118.77 in five years, or $141.06 in ten.
• Bonds will be available via payroll deduction or over the counter, making it easy for Canadians to participate.
• Every dollar raised will be dedicated entirely to public infrastructure—not general revenue—supporting shovel-ready projects like roads, bridges, transit, ports, housing, and water systems that we will own for generations.

The NDP would also launch a “Build Canadian, Buy Canadian” infrastructure and procurement plan to fund 100 per cent Canadian steel in federally-funded projects as well as prioritize Canadian unionized firms in public project bidding.

Singh also announced they would expand EI benefits to 50 weeks and raise the benefit rate to 66 per cent.

Phil Hahn, CTVNews.ca election editor-in-chief

9:30 a.m. EDT: Markets plunge after Trump’s tariffs

North American markets opened lower on Thursday following U.S. President Donald Trump’s sweeping tariff announcement a day earlier.

In Toronto, the S&P/TSX Composite Index was down more than 600 points, or just over 2.6 per cent at the open, while the S&P 500 Index in New York fell by more than three per cent as of 9:30 a.m. EDT.

• Down drops 1,110 as U.S. stock market leads world-wide sell-off

Jordan Fleguel, journalist, BNNBloomberg.ca

7:40 a.m. EDT: Liberals increase lead to 9 points

The federal Liberals have increased their lead to nine points over the Conservatives on Day 12 of the federal election campaign.

A three-day rolling sample by Nanos Research ending April 2 has Mark Carney’s Liberals at 46 per cent, leading Pierre Poilievre’s Conservatives, who are at 37 per cent.

The New Democratic Party remains at nine per cent, followed by the Bloc Quebecois (six per cent), Green Party of Canada (two per cent) and the People’s Party of Canada (one per cent).

Read the full story here.

Phil Hahn, CTVNews.ca election editor-in-chief