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The first round of U.S. tariffs and Canada’s counter-tariffs are now in effect, marking the start of a trade war between the long-time North American allies. As of Tuesday, a sweeping 25 per cent tariff has been imposed on all goods going into the United States from both Canada and Mexico, with a 10 per cent tariff on Canada’s energy exports.In response, Canada has hit back with an initial 25 per cent tariff on $30 billion worth of U.S. goods, with additional tariffs on another $125 billion in American goods to come three weeks later, Prime Minister Justin Trudeau said.“Canada will not let this unjustified decision go unanswered,” Trudeau said in a statement Monday night, hours before the U.S. deadline.“Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U...

Canada is bracing for U.S. President Donald Trump’s sweeping tariffs that are set to land at midnight Tuesday, and which economists have warned will be the “most significant trade shock” since the 1930s. The tariffs are expected to hit the Canadian economy hard, with some economics warning Canada could dip into a period of recession.While the tariffs were delayed once before, there is still no sign at this point that will happen again.“We hope that logic will prevail,” Immigration Minister Marc Miller told reporters in Montreal, adding he had no knowledge of whether tariffs will be imposed at midnight.“I wish I could say more, but I’ll probably find out at the same time as all Canadians.”Trump’s commerce secretary on Sunday said the tariffs on Canada and Mexico are still coming Tuesday, th...

Former prime minister Stephen Harper says Mark Carney is unfairly taking credit for the previous Conservative government’s economic record as he campaigns in the Liberal leadership race to replace Prime Minister Justin Trudeau. In a letter to Conservative supporters emailed by the party, Harper says Carney, who served as governor of the Bank of Canada during the 2008 global financial crisis, did not oversee the day-to-day management of the economy during that time.Rather, he says it was the late finance minister Jim Flaherty, whose record Harper seeks to defend in the letter.“I have listened, with increasing disbelief, to Mark Carney’s attempts to take credit for things he had little or nothing to do with back then,” Harper writes.“He has been doing this at the expense of the late Jim Flah...

Tariffs on Canada and Mexico will land on Tuesday, U.S. President Donald Trump says. “Very importantly tomorrow, tariffs — 25 per cent on Canada and 25 per cent on Mexico — and that’ll start. So they’re going to have to have a tariff,” Trump told reporters in the White House.Trump was referring to the broad-based 25 per cent tariffs on all goods coming in from Canada and Mexico, with a lower 10 per cent rate for Canadian energy exports and an additional 10 per cent on Chinese goods.Trump has said these tariffs are aimed at curbing the flow of illegal substances, specifically fentanyl, coming in through the border into the United States.These tariffs were originally slated to go into effect on Feb. 4, but Trump decided to defer them for a month after a phone call with Prime Minister Justin ...

President Donald Trump on Monday alerted America's farmers to coming U.S. tariffs on 'external product,' telling them to get ready to sell their goods domestically. Source link