Live updates: Trump imposes tariffs on Canada, Trudeau retaliates ahead of press conference

Yahoo

04-03-2025

After months of threats, U.S. President Donald Trump has imposed tariffs on Canadian and Mexican imports, starting March 4, 2025 at 12:01 a.m. All goods entering the U.S. will be subject to a 25 per cent tariff, aside from Canadian energy products, which will face a lower rate of 10 per cent.
'Let me be unequivocally clear — there is no justification for these actions,' said Prime Minister Justin Trudeau in a statement.
In response, Trudeau has retaliated against the U.S. with a 25 per cent tariff against $30 billion worth of American goods, with another $125 billion prepared to be levied in three weeks if the situation persists.
'Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,' continued Trudeau in his statement. 'While we urge the U.S. administration to reconsider their tariffs, Canada remains firm in standing up for our economy, our jobs, our workers, and for a fair deal.'
The prime minister is set to speak on the issue today at 10:30 a.m., as tensions continue to rise between the two long-time North American allies. It's expected that the tariffs will lead to higher inflation as prices rise, along with the ability to impact economic growth and lead to devastating consequences for job security on both sides of the border.
You can watch Trudeau's press conference here, and follow along for any other live updates from Yahoo Canada as we track the latest news, analysis and developments.
Ontario Premier Doug Ford will speak today at Queen's Park in Toronto at 11:30 a.m. ET. after U.S. President Donald Trump imposed tariffs on Canada.
A day earlier, Ford said his provincial government will take retaliatory measures into their own hands as well, with the threat of cutting off the flow of electricity to several U.S. states.
"If they want to try to annihilate Ontario, I will do anything, including cutting off their energy — with a smile on my face," said Ford.
"They need to feel the pain. They want to come at us hard? We've got to go back twice as hard."
BREAKING: Ontario, Canada's Premier Doug Ford just threatened to cut US electricity to several American states if Trump's tariffs go into effect:"If they want to try to annihilate Ontario, I will do anything , including cutting off their energy, with a smile on my face."This… pic.twitter.com/41PkAZRcl8
— Brian Krassenstein (@krassenstein) March 3, 2025
Swiss chocolate maker Lindt & Spruengli is shifting more of its production of truffles and other confections to Europe as it looks to sidestep Canada's counter-tariffs imposed on the US.
Reuters reports:
CEO Adalbert Lechner said Lindt was taking action to prevent its business in Canada, one of its top ten markets, from being caught in the cross fire of the trade conflict.
"The volumes that we source currently for Canada can all be shifted to Europe," Lechner said after Lindt reported its full-year results.
At present 50% of the company's chocolates in Canada came from the U.S., and the rest from Europe.
"We are able to source 100% from Europe," Lechner told Reuters.
Read more here.
The Financial Post reports:
Two thirds of businesses say they can withstand a tariff war with the United States that lasts more than a year, according to a new survey released on Tuesday by KPMG in Canada.
Joy Nott, a partner in KPMG's customs and international trade practice, says companies have already put strategies in place to limit the tariff risk in their operations.
'A lot of companies have taken months and months of inventory and they've transferred it to the United States already,' said Nott. 'So I'm talking to companies who have maybe moved six to eight months worth of inventory to the United States, which normally that stuff would have been stored in Canada and shipped across as needed.'
Read more here.
Ontario Premier Doug Ford will speak today at Queen's Park in Toronto at 11:30 a.m. ET. after U.S. President Donald Trump imposed tariffs on Canada.
A day earlier, Ford said his provincial government will take retaliatory measures into their own hands as well, with the threat of cutting off the flow of electricity to several U.S. states.
"If they want to try to annihilate Ontario, I will do anything, including cutting off their energy — with a smile on my face," said Ford.
"They need to feel the pain. They want to come at us hard? We've got to go back twice as hard."
BREAKING: Ontario, Canada's Premier Doug Ford just threatened to cut US electricity to several American states if Trump's tariffs go into effect:"If they want to try to annihilate Ontario, I will do anything , including cutting off their energy, with a smile on my face."This… pic.twitter.com/41PkAZRcl8
— Brian Krassenstein (@krassenstein) March 3, 2025
Swiss chocolate maker Lindt & Spruengli is shifting more of its production of truffles and other confections to Europe as it looks to sidestep Canada's counter-tariffs imposed on the US.
Reuters reports:
CEO Adalbert Lechner said Lindt was taking action to prevent its business in Canada, one of its top ten markets, from being caught in the cross fire of the trade conflict.
"The volumes that we source currently for Canada can all be shifted to Europe," Lechner said after Lindt reported its full-year results.
At present 50% of the company's chocolates in Canada came from the U.S., and the rest from Europe.
"We are able to source 100% from Europe," Lechner told Reuters.
Read more here.
The Financial Post reports:
Two thirds of businesses say they can withstand a tariff war with the United States that lasts more than a year, according to a new survey released on Tuesday by KPMG in Canada.
Joy Nott, a partner in KPMG's customs and international trade practice, says companies have already put strategies in place to limit the tariff risk in their operations.
'A lot of companies have taken months and months of inventory and they've transferred it to the United States already,' said Nott. 'So I'm talking to companies who have maybe moved six to eight months worth of inventory to the United States, which normally that stuff would have been stored in Canada and shipped across as needed.'
Read more here.