CANADA: RTRS-Gov't To Announce $28.9B In Retaliatory Tariffs Responding To Trump

Jarrett Renshaw at Reuters posts on X: "Canada will announce $29.8 billion in retaliatory tariffs this morning in response to Trump’s steel and aluminum tariffs, a Canadian source tells me."

• The US has imposed 25% tariffs on Canadian steel and aluminium imports as of midnight, although this is a step back from the 50% threatened by US President Donald Trump on 11 March. This in turn, came in response to Ontario Premier Doug Ford's plan for a 25% surcharge on electricity exports from the province that serve three US states along the border. Ford temporarily suspended the imposition of the surcharge on 11 March after US Commerce Sec Howard Lutnick agreed to a fresh round of trade talks.
• The see-saw trade war comes as new Liberal party leader Mark Carney continues to put together his new cabinet ahead of taking over from Justin Trudeau as PM on an as-yet-undetermined date. The Toronto Star reports, "Carney is expected to appoint a new cabinet in the days ahead that will be smaller than Trudeau’s current team. [...] With U.S. President Donald Trump continuing to threaten Canada’s economy with tariffs, Carney may consider keeping the ministers working on those negotiations, like Foreign Affairs Minister Mélanie Joly and Public Safety Minister David McGuinty, in place."