“Based on Ontario, Canada, placing a 25% Tariff on ‘Electricity’ coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD. This will go into effect TOMORROW MORNING, March 12th,” the president posted on his social media site, Truth Social.
Despite Trump’s claim, Canada’s average tariff rate of 3.8 percent is little different from the United States’ 3.3 percent mark, according to a World Trade Organization database.
The president’s trade war escalation renewed selling pressure on Wall Street, where the S&P 500 index lost more than 1 percent in trading Tuesday, nearing the 10 percent cumulative loss that represents a market correction. The market measure lost more than 8 percent of its value in the past month, as the president repeatedly shifted his tariff plans.
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