Latest news with #AmericaFirstTradePolicy
Yahoo
3 days ago
- Business
- Yahoo
Ireland joins the likes of China and Vietnam on list of countries the U.S. is monitoring for currency manipulation
The U.S. has added Ireland to a list of countries it is keeping tabs on owing to a large and growing trade surplus that has stoked the ire of President Donald Trump. As part of the U.S. Treasury's semiannual report on the macroeconomic and foreign exchange policies of its largest trading partners, the body added Ireland and Switzerland to a nine-strong 'Monitoring List' of countries whose macroeconomic policies or currency practices 'merit close attention.' The other countries on the U.S.'s monitoring list are China, Japan, Singapore, Vietnam, Taiwan, South Korea, and Germany. 'In line with President Trump's America First Trade Policy, the United States Treasury will be vigilant in identifying and taking action against currency manipulation and will continue to closely monitor a range of relevant macroeconomic and financial policies implemented by our trading partners that propagate imbalances, contribute to significant exchange rate misalignments, or result in an unfair competitive advantage in trade,' said Treasury Secretary Scott Bessent in a statement. The U.S. started its monitoring list under the Barack Obama administration in 2016 to identify trading partners that may have gained an advantage over the country through unfair practices. Following its monitoring, in 2019, the U.S. officially labeled China as a currency manipulator. While a largely symbolic move, the announcement allowed then-Treasury Secretary Steve Mnuchin to go to the International Monetary Fund (IMF) to try and 'eliminate' alleged manipulation On this occasion, the U.S. has exercised restraint and refused to label China a currency manipulator. The Trump administration is currently in tense negotiations with China to ward off unprecedented import tariffs on Chinese imports, which are currently on hold. Ireland previously made the list in 2019 and in 2021, and continues to bounce on and off the lineup as its external economy grows in significance. The country recorded a record €50.1 billion ($57.3 billion) trade surplus with the U.S. last year. The country's €72.6 billion ($83 billion) worth of goods exports to the U.S. were driven by pharmaceuticals, mostly produced by U.S.-based companies with production facilities in Ireland. Eli Lilly's Zepbound and Pfizer's Viagra drugs are largely produced in Cork and shipped to the U.S. Ireland wooed U.S. multinationals to its shores with tax incentives, and has since gained a talent and infrastructure advantage from companies investing in the country. In addition to the pharmaceuticals sector, the country proved successful in convincing tech giants like Google, Meta, and Apple to base their European headquarters in Ireland. This globalization trend has irked Trump, who in March complained to Ireland's Taoiseach, Michael Martin, about the trend of American companies setting up bases in the country. In its report, the U.S. said exhange rate declines in recent months had shifting trading balances in a way that was likely to increase its deficit with Ireland, Tawan, and Korea, further. Germany is another European country with a heavy trading surplus over the U.S., leading to its inclusion on the list. As part of his April 5 'Liberation Day' onslaught of 'reciprocal' tariffs, Trump's team was found to have used a formula based on the U.S.'s trade balance with other countries. While Ireland's heavy surplus with the U.S. would have indicated an aggressive tariff, its membership of the EU, whose member states received a collective tariff of 20%, spared it from the worst of Trump's onslaught. These tariffs, like those implemented against Chinese imports, are currently on a 90-day pause pending negotiations. A representative for Ireland's Department of Enterprise, Trade and Employment didn't immediately respond to a request for comment. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Opinion - Intellectual property must be a North Star in Trump's trade deals
The last article of the U.S.-United Kingdom trade deal raises the important issue of intellectual property. It's admittedly a placeholder. The obligations will have to be worked out later. But if there's serious intent behind it, this aspiration should inform the template for Trump's upcoming bilateral negotiations. In Trump's America First Trade Policy memo from February, he called for a study to identify 'any unfair trade practices by other countries and recommend appropriate actions to remedy such practices.' He has two that do this: the 2025 National Trade Estimate Report and the 2025 Special 301 Report. The latter document, which lost its voice during the Biden administration, is back. It's once again touting the fact that intellectual property directly or indirectly accounts for 63 million high-paying jobs and 41 percent of U.S. GDP. And it 'names and shames' countries that don't sufficiently protect and enforce American intellectual property. China and India were named and shamed. They have been 'priority watch list' countries for years and represent markets with the most significant intellectual property issues. Trump is negotiating with both countries. Start with China. The Special 301 Report spends 10 pages detailing concerns. For example, China is the world's largest source of counterfeit goods and has rampant online piracy. Other challenges are much more nuanced. For example, Beijing's party-controlled Chinese courts have issued anti-suit injunctions to curtail foreign litigation over standard essential patents. This gives China undue influence in setting 'fair, reasonable and nondiscriminatory' royalty rates on 5G and countless other technologies. Not just in China, mind you, but in other countries. The U.S.-China Joint Statement signed on May 12 says that the countries 'will establish a mechanism to continue discussions about economic and trade relations.' Trump should hold China accountable for upholding the Phase 1 deal he signed with Beijing, and push for more. The deal covers intellectual property commitments, many of which China has not implemented, particularly with respect to patent enforcement, patent term extensions and patentability standards. Trump should also seek commitments that build on the Phase 1 deal such as regulatory data protection, which would make it more difficult for China to backslide. Then there's India. The U.S. and India are negotiating a multi-phase bilateral trade deal. To fulfill President Trump and Prime Minister Modi's vision of more than doubling total bilateral trade to $500 billion by 2030, intellectual property issues must be comprehensively addressed early and upfront. Yet, as the Special 301 Report concluded, 'India remains one of the world's most challenging major economies with respect to the protection and enforcement of IP.' India needs to commit to intellectual property protections comparable to those that Indian innovators enjoy in the U.S. Early commitments would signal India's seriousness about the negotiations and its intent to be a reliable partner. Finally, consider the European Union. Like the U.K., it has a high-standard intellectual property regime. Unlike China and India, it isn't written up in the Special 301 Report. But the National Trade Estimate Report records that U.S. exporters have many concerns. Some ring familiar, like copyright protections under the Digital Single Market Strategy. Others are more nuanced, such as the evaluation of risk under the EU's new AI Act, which might violate intellectual property protections on source code and trade secrets, for example. Then there are the legislative proposals that would exploit biopharmaceutical-related intellectual property and other incentives to achieve localization objectives and expand the use of compulsory licenses. Online piracy, domestic content and language requirements are also evident across various EU members. More generally, Brussels's preferences on digital trade don't line up with those of the U.S., as originally penned by Trump in his first term. There's a ready-made forum in which to negotiate these gaps: the U.S.-E.U. Trade and Technology Council. The council is meant to spur transatlantic cooperation and competitiveness, but it has faltered in recent years. An upgraded mandate to address intellectual property, along with its emphasis on digital technologies, would help in this regard. If Trump's trade deals are to be successful, they must prioritize the protection and enforcement of intellectual property. As the Department of Commerce observed, 'the entire U.S. economy relies on some form of IP because virtually every industry either produces or uses it.' Marc L. Busch is the Karl F. Landegger Professor of International Business Diplomacy at the Walsh School of Foreign Service, Georgetown University. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
30-05-2025
- Business
- The Hill
Intellectual property must be a North Star in Trump's trade deals
The last article of the U.S.-United Kingdom trade deal raises the important issue of intellectual property. It's admittedly a placeholder. The obligations will have to be worked out later. But if there's serious intent behind it, this aspiration should inform the template for Trump's upcoming bilateral negotiations. In Trump's America First Trade Policy memo from February, he called for a study to identify 'any unfair trade practices by other countries and recommend appropriate actions to remedy such practices.' He has two that do this: the 2025 National Trade Estimate Report and the 2025 Special 301 Report. The latter document, which lost its voice during the Biden administration, is back. It's once again touting the fact that intellectual property directly or indirectly accounts for 63 million high-paying jobs and 41 percent of U.S. GDP. And it 'names and shames' countries that don't sufficiently protect and enforce American intellectual property. China and India were named and shamed. They have been 'priority watch list' countries for years and represent markets with the most significant intellectual property issues. Trump is negotiating with both countries. Start with China. The Special 301 Report spends 10 pages detailing concerns. For example, China is the world's largest source of counterfeit goods and has rampant online piracy. Other challenges are much more nuanced. For example, Beijing's party-controlled Chinese courts have issued anti-suit injunctions to curtail foreign litigation over standard essential patents. This gives China undue influence in setting 'fair, reasonable and nondiscriminatory' royalty rates on 5G and countless other technologies. Not just in China, mind you, but in other countries. The U.S.-China Joint Statement signed on May 12 says that the countries 'will establish a mechanism to continue discussions about economic and trade relations.' Trump should hold China accountable for upholding the Phase 1 deal he signed with Beijing, and push for more. The deal covers intellectual property commitments, many of which China has not implemented, particularly with respect to patent enforcement, patent term extensions and patentability standards. Trump should also seek commitments that build on the Phase 1 deal such as regulatory data protection, which would make it more difficult for China to backslide. Then there's India. The U.S. and India are negotiating a multi-phase bilateral trade deal. To fulfill President Trump and Prime Minister Modi's vision of more than doubling total bilateral trade to $500 billion by 2030, intellectual property issues must be comprehensively addressed early and upfront. Yet, as the Special 301 Report concluded, 'India remains one of the world's most challenging major economies with respect to the protection and enforcement of IP.' India needs to commit to intellectual property protections comparable to those that Indian innovators enjoy in the U.S. Early commitments would signal India's seriousness about the negotiations and its intent to be a reliable partner. Finally, consider the European Union. Like the U.K., it has a high-standard intellectual property regime. Unlike China and India, it isn't written up in the Special 301 Report. But the National Trade Estimate Report records that U.S. exporters have many concerns. Some ring familiar, like copyright protections under the Digital Single Market Strategy. Others are more nuanced, such as the evaluation of risk under the EU's new AI Act, which might violate intellectual property protections on source code and trade secrets, for example. Then there are the legislative proposals that would exploit biopharmaceutical-related intellectual property and other incentives to achieve localization objectives and expand the use of compulsory licenses. Online piracy, domestic content and language requirements are also evident across various EU members. More generally, Brussels's preferences on digital trade don't line up with those of the U.S., as originally penned by Trump in his first term. There's a ready-made forum in which to negotiate these gaps: the U.S.-E.U. Trade and Technology Council. The council is meant to spur transatlantic cooperation and competitiveness, but it has faltered in recent years. An upgraded mandate to address intellectual property, along with its emphasis on digital technologies, would help in this regard. If Trump's trade deals are to be successful, they must prioritize the protection and enforcement of intellectual property. As the Department of Commerce observed, 'the entire U.S. economy relies on some form of IP because virtually every industry either produces or uses it.' Marc L. Busch is the Karl F. Landegger Professor of International Business Diplomacy at the Walsh School of Foreign Service, Georgetown University.
Winnipeg Free Press
29-05-2025
- Business
- Winnipeg Free Press
A timeline of U.S. President Donald Trump's trade war with Canada
For over a year before the November 2024 presidential election, Donald Trump had been signalling plans to impose across-the-board tariffs if he won the United States presidency. Trump was elected on Nov. 5, and it's been a roller-coaster ever since for Canadian leaders and businesses. He has threatened, enacted, modified and delayed multiple rounds of tariffs only to announce additional protectionist trade policies are to come. Here's a timeline of the key dates in Trump's tariff journey after he was elected president. Nov. 25, 2024 Trump pledges to impose a 25 per cent tariff on all Canadian and Mexican imports, saying they would come into force on inauguration day, Jan. 20. He says in a post on Truth Social, a social media site he owns, that the tariffs would remain until both countries stop drugs, particularly fentanyl, and people from illegally crossing American borders. ——— Dec. 11 After Canadian premiers met with then-Prime Minister Justin Trudeau, they confirm the country is preparing retaliatory tariffs in response to Trump's threat. Securing an exemption or lower levies on energy exports is among the priorities. ——— Jan. 20, 2025 On his inauguration day, Trump says tariffs will likely come on Feb. 1 rather than taking immediate effect. He also signs an executive order to enact an 'America First Trade Policy,' calling for his trade and commerce officials to report back to him by April 1 on a sweeping review of U.S. trade policy and relationships. The date does not come with a default imposition of any tariffs, but does direct Trump's administration to begin examining the Canada-U.S.-Mexico free-trade agreement, which Trump signed in 2018, ahead of a planned 2026 review. ——— Feb. 1 Trump signs an order on Feb. 1 — a Saturday — imposing blanket tariffs of 25 per cent on virtually all goods entering the U.S. from Canada and Mexico, and a reduced 10 per cent tariff on energy, set to take effect Feb. 4. Trump's Feb. 1 order also imposes 10 per cent tariffs on goods entering the U.S. from China. Prime Minister Justin Trudeau outlines Canada's planned retaliation strategy, including immediate counter-tariffs that would take effect the same day U.S. tariffs kick in. Over the weekend, Canadian provinces start pulling American alcohol from liquor-store shelves at provincially owned distributors. ——— Feb. 3 Trump pauses the implementation of tariffs on Canadian goods for one month after Ottawa pledges action to secure the border. He does the same for Mexico. ——— Feb. 10 Trump signs a plan to institute 25 per cent tariffs on all steel and aluminum entering the U.S. starting March 12, ending previous exemptions for Canada. Trump previously imposed tariffs on the metals in 2018 but later exempted Canada and Mexico. ——— Feb. 11 Trump says the steel and aluminum tariffs would stack on top of other levies, including the paused 25 per cent tariffs on all Canadian goods other than energy. ——— Feb. 14 Trump had previously threatened to levy tariffs on imported automobiles coming into the U.S. He says on Feb. 14 that tariffs on imported automobiles could come 'around April 2,' adding the following week that the levies would be 'in the neighbourhood of 25 per cent.' Around the same time, he floated imposing similar tariffs on pharmaceuticals and semiconductors, but has yet to provide a timeline for those. ——— Feb. 27 In a Truth Social post, Trump says that April 2 would mark the start of what he terms 'reciprocal' tariffs, which would apply to goods coming in from countries that have tariffs or other barriers on U.S. goods. These would be on top of other tariffs and would match the rates charged by other countries, including subsidies and value-added taxes. He had signed a memorandum on Feb. 13 directing his trade czar to examine what he perceives as unfair trade practices from other nations. ——— March 4 Trump's tariffs on Canadian and Mexican goods go ahead after the month-long pause. There had been hopes that the border security measures Canada took could stave off the tariffs, but on March 3, Trump confirmed they would go ahead, which they did. Prime Minister Justin Trudeau announced broad retaliatory tariffs on U.S. goods including food, alcohol, furniture, paper and more. ——— March 5 Trump pledges a one-month exemption for vehicles traded under the Canada-U.S.-Mexico Agreement, also known as CUSMA. White House Press Secretary Karoline Leavitt says during a briefing that the move comes after the Big Three automakers — Stellantis, Ford and General Motors — asked for an exemption. ——— March 6 Dominic LeBlanc, finance minister at the time, says Ottawa will suspend its second wave of retaliatory tariffs after Trump signed an executive order to pause some new duties on Canada and Mexico and reduce potash levies to 10 per cent. Trump's order links the tariff relief to maintaining the flow of automobile parts that comply with CUSMA and to helping farmers who need potash for fertilizer. An explanatory statement issued by the White House says there would be no tariffs on goods from Canada and Mexico that claim and qualify for CUSMA preference. ——— March 10 Ontario Premier Doug Ford announces the immediate application of a 25 per cent surcharge on electricity exports to the U.S. as part of the province's retaliation to Trump's tariffs. Trump responds aggressively, saying he will double the rate on steel and aluminum tariffs set to be implemented March 12 to 50 per cent. He says on Truth Social that the move is in response to Ontario placing a 25 per cent surcharge on electricity it exports to the U.S. However, Ford agrees to suspend the province's export tax later the same day. ——— March 12 The 25 per cent tariffs on steel and aluminum from all countries take effect. Canada hits the U.S. with a second tranche of retaliatory tariffs, enacting 25 per cent tariffs on $29.8 billion in U.S. goods, targeting steel and aluminum as well as other products including computers, sports equipment and cast iron goods. ——— March 26 Trump announces 25 per cent sector-specific tariffs on automobile imports, which he says will take effect April 3. However, the tariffs aren't across the board. The White House says automobiles imported under CUSMA will only be taxed on the value of content not made in the United States. As well, vehicle parts under CUSMA will not face Trump's latest duties until Commerce Secretary Howard Lutnick, in consultation with U.S. Customs and Border Protection, 'establishes a process to apply tariffs to their non-U. S. content,' the White House says. ——— April 2 Trump has called April 2 'Liberation Day.' In a press conference held outside the White House, the president unveiled 10 per cent tariffs on imports from all countries and higher rates on dozens of nations that have trade surpluses with the U.S., including 34 per cent for China and 20 per cent for the European Union. For Canada and Mexico, however, there was some relief: no new tariffs beyond what has already been announced, and the month-long exemption expected to expire is now indefinite. Auto tariffs are still expected to come into play on April 3. Democrat senators plan to force a vote on Trump's use of the emergency powers act to declare an emergency over fentanyl trafficking in order to hit Canada with tariffs. However, even with enough Republican support to pass, it's unlikely to pass the House. ——— April 3 Prime Minister Mark Carney says Canada will hit back against Trump's 25 per cent auto tariffs with matching levies on vehicles imported from the United States. Carney says Canada's counter-tariffs will hit all vehicles that do not comply with the Canada-U.S.-Mexico Agreement, along with any non-Canadian content in compliant vehicles. That means any vehicles made with less than 75 per cent North American content will face 25 per cent tariffs — a measure that could capture tens of thousands of vehicle imports, according to a background document provided by the Prime Minister's Office. That could amount to roughly 10 per cent of all cars coming in from the U.S. Carney says the move could raise as much as $8 billion before any requests for tariff relief are factored in. All of that money, he said, is to go directly to autoworkers and companies in Canada affected by the burgeoning trade war. ——— April 15 Ottawa says automakers that continue to manufacture vehicles in Canada will see some exemptions from retaliatory tariffs. Canadian manufacturers will be allowed to import a certain number of U.S.-assembled vehicles free of the added charge, imposed in response to U.S. tariffs on Canadian imports. Ottawa says the number of tariff-free vehicles a company is permitted to import will drop if there are reductions in Canadian production or investment. ——— April 29 Trump signs executive orders giving temporary relief to automakers. A Commerce Department official says the administration is offering automakers that finish their vehicles in the United States a rebate on imported parts equal to 15 per cent of a vehicle's retail price. The rebate would drop to 10 per cent the following year. Companies paying the auto tariffs also won't see some other levies — including ones on steel and aluminum — stacked on top of each other. ——— May 1 U.S. Customs and Border Protection releases guidance that says auto parts compliant with CUSMA won't be hit by tariffs. The exemption doesn't apply to automobile knock-down kits or parts compilations. Industry experts had said it would be extremely cumbersome to figure out how to tariff only non-American components of auto parts, which can cross the Canada-U.S. border several times before a vehicle is finished. ——— May 6 Trump and Carney strike a mostly genial tone in their face-to-face meeting in the Oval Office. But Trump gave no indication he plans to drop tariffs in the near future. He says while the United States is always going to be friends with Canada, there was nothing Carney could say to convince him to immediately drop tariffs on his northern neighbour. When asked why, Trump replied that it's 'just the way it is.' The president also said he doesn't want cars, aluminum or steel from Canada. ——— May 28 The U.S. Court of International Trade strikes down Trump's broad-based tariffs on most countries. Monday Mornings The latest local business news and a lookahead to the coming week. The decision blocks both the 'Liberation Day' duties as well as tariffs on Canada, Mexico and China ostensibly tied to fentanyl. A panel of three judges on the New York-based court ruled Trump does not have the authority to impose tariffs on nearly every country using the International Economic Emergency Powers Act. The Trump administration has filed a notice of appeal and White House officials have condemned the ruling. — With files from The Associated Press and Kelly Geraldine Malone in Washington This report by The Canadian Press was first published May 29, 2025.
Yahoo
29-05-2025
- Business
- Yahoo
A timeline of U.S. President Donald Trump's trade war with Canada
For over a year before the November 2024 presidential election, Donald Trump had been signalling plans to impose across-the-board tariffs if he won the United States presidency. Trump was elected on Nov. 5, and it's been a roller-coaster ever since for Canadian leaders and businesses. He has threatened, enacted, modified and delayed multiple rounds of tariffs only to announce additional protectionist trade policies are to come. Here's a timeline of the key dates in Trump's tariff journey after he was elected president. Nov. 25, 2024 Trump pledges to impose a 25 per cent tariff on all Canadian and Mexican imports, saying they would come into force on inauguration day, Jan. 20. He says in a post on Truth Social, a social media site he owns, that the tariffs would remain until both countries stop drugs, particularly fentanyl, and people from illegally crossing American borders. ——— Dec. 11 After Canadian premiers met with then-Prime Minister Justin Trudeau, they confirm the country is preparing retaliatory tariffs in response to Trump's threat. Securing an exemption or lower levies on energy exports is among the priorities. ——— Jan. 20, 2025 On his inauguration day, Trump says tariffs will likely come on Feb. 1 rather than taking immediate effect. He also signs an executive order to enact an "America First Trade Policy," calling for his trade and commerce officials to report back to him by April 1 on a sweeping review of U.S. trade policy and relationships. The date does not come with a default imposition of any tariffs, but does direct Trump's administration to begin examining the Canada-U.S.-Mexico free-trade agreement, which Trump signed in 2018, ahead of a planned 2026 review. ——— Feb. 1 Trump signs an order on Feb. 1 — a Saturday — imposing blanket tariffs of 25 per cent on virtually all goods entering the U.S. from Canada and Mexico, and a reduced 10 per cent tariff on energy, set to take effect Feb. 4. Trump's Feb. 1 order also imposes 10 per cent tariffs on goods entering the U.S. from China. Prime Minister Justin Trudeau outlines Canada's planned retaliation strategy, including immediate counter-tariffs that would take effect the same day U.S. tariffs kick in. Over the weekend, Canadian provinces start pulling American alcohol from liquor-store shelves at provincially owned distributors. ——— Feb. 3 Trump pauses the implementation of tariffs on Canadian goods for one month after Ottawa pledges action to secure the border. He does the same for Mexico. ——— Feb. 10 Trump signs a plan to institute 25 per cent tariffs on all steel and aluminum entering the U.S. starting March 12, ending previous exemptions for Canada. Trump previously imposed tariffs on the metals in 2018 but later exempted Canada and Mexico. ——— Feb. 11 Trump says the steel and aluminum tariffs would stack on top of other levies, including the paused 25 per cent tariffs on all Canadian goods other than energy. ——— Feb. 14 Trump had previously threatened to levy tariffs on imported automobiles coming into the U.S. He says on Feb. 14 that tariffs on imported automobiles could come "around April 2," adding the following week that the levies would be "in the neighbourhood of 25 per cent." Around the same time, he floated imposing similar tariffs on pharmaceuticals and semiconductors, but has yet to provide a timeline for those. ——— Feb. 27 In a Truth Social post, Trump says that April 2 would mark the start of what he terms "reciprocal" tariffs, which would apply to goods coming in from countries that have tariffs or other barriers on U.S. goods. These would be on top of other tariffs and would match the rates charged by other countries, including subsidies and value-added taxes. He had signed a memorandum on Feb. 13 directing his trade czar to examine what he perceives as unfair trade practices from other nations. ——— March 4 Trump's tariffs on Canadian and Mexican goods go ahead after the month-long pause. There had been hopes that the border security measures Canada took could stave off the tariffs, but on March 3, Trump confirmed they would go ahead, which they did. Prime Minister Justin Trudeau announced broad retaliatory tariffs on U.S. goods including food, alcohol, furniture, paper and more. ——— March 5 Trump pledges a one-month exemption for vehicles traded under the Canada-U.S.-Mexico Agreement, also known as CUSMA. White House Press Secretary Karoline Leavitt says during a briefing that the move comes after the Big Three automakers — Stellantis, Ford and General Motors — asked for an exemption. ——— March 6 Dominic LeBlanc, finance minister at the time, says Ottawa will suspend its second wave of retaliatory tariffs after Trump signed an executive order to pause some new duties on Canada and Mexico and reduce potash levies to 10 per cent. Trump's order links the tariff relief to maintaining the flow of automobile parts that comply with CUSMA and to helping farmers who need potash for fertilizer. An explanatory statement issued by the White House says there would be no tariffs on goods from Canada and Mexico that claim and qualify for CUSMA preference. ——— March 10 Ontario Premier Doug Ford announces the immediate application of a 25 per cent surcharge on electricity exports to the U.S. as part of the province's retaliation to Trump's tariffs. Trump responds aggressively, saying he will double the rate on steel and aluminum tariffs set to be implemented March 12 to 50 per cent. He says on Truth Social that the move is in response to Ontario placing a 25 per cent surcharge on electricity it exports to the U.S. However, Ford agrees to suspend the province's export tax later the same day. ——— March 12 The 25 per cent tariffs on steel and aluminum from all countries take effect. Canada hits the U.S. with a second tranche of retaliatory tariffs, enacting 25 per cent tariffs on $29.8 billion in U.S. goods, targeting steel and aluminum as well as other products including computers, sports equipment and cast iron goods. ——— March 26 Trump announces 25 per cent sector-specific tariffs on automobile imports, which he says will take effect April 3. However, the tariffs aren't across the board. The White House says automobiles imported under CUSMA will only be taxed on the value of content not made in the United States. As well, vehicle parts under CUSMA will not face Trump's latest duties until Commerce Secretary Howard Lutnick, in consultation with U.S. Customs and Border Protection, "establishes a process to apply tariffs to their non-U. S. content," the White House says. ——— April 2 Trump has called April 2 "Liberation Day." In a press conference held outside the White House, the president unveiled 10 per cent tariffs on imports from all countries and higher rates on dozens of nations that have trade surpluses with the U.S., including 34 per cent for China and 20 per cent for the European Union. For Canada and Mexico, however, there was some relief: no new tariffs beyond what has already been announced, and the month-long exemption expected to expire is now indefinite. Auto tariffs are still expected to come into play on April 3. Democrat senators plan to force a vote on Trump's use of the emergency powers act to declare an emergency over fentanyl trafficking in order to hit Canada with tariffs. However, even with enough Republican support to pass, it's unlikely to pass the House. ——— April 3 Prime Minister Mark Carney says Canada will hit back against Trump's 25 per cent auto tariffs with matching levies on vehicles imported from the United States. Carney says Canada's counter-tariffs will hit all vehicles that do not comply with the Canada-U.S.-Mexico Agreement, along with any non-Canadian content in compliant vehicles. That means any vehicles made with less than 75 per cent North American content will face 25 per cent tariffs — a measure that could capture tens of thousands of vehicle imports, according to a background document provided by the Prime Minister's Office. That could amount to roughly 10 per cent of all cars coming in from the U.S. Carney says the move could raise as much as $8 billion before any requests for tariff relief are factored in. All of that money, he said, is to go directly to autoworkers and companies in Canada affected by the burgeoning trade war. ——— April 15 Ottawa says automakers that continue to manufacture vehicles in Canada will see some exemptions from retaliatory tariffs. Canadian manufacturers will be allowed to import a certain number of U.S.-assembled vehicles free of the added charge, imposed in response to U.S. tariffs on Canadian imports. Ottawa says the number of tariff-free vehicles a company is permitted to import will drop if there are reductions in Canadian production or investment. ——— April 29 Trump signs executive orders giving temporary relief to automakers. A Commerce Department official says the administration is offering automakers that finish their vehicles in the United States a rebate on imported parts equal to 15 per cent of a vehicle's retail price. The rebate would drop to 10 per cent the following year. Companies paying the auto tariffs also won't see some other levies — including ones on steel and aluminum — stacked on top of each other. ——— May 1 U.S. Customs and Border Protection releases guidance that says auto parts compliant with CUSMA won't be hit by tariffs. The exemption doesn't apply to automobile knock-down kits or parts compilations. Industry experts had said it would be extremely cumbersome to figure out how to tariff only non-American components of auto parts, which can cross the Canada-U.S. border several times before a vehicle is finished. ——— May 6 Trump and Carney strike a mostly genial tone in their face-to-face meeting in the Oval Office. But Trump gave no indication he plans to drop tariffs in the near future. He says while the United States is always going to be friends with Canada, there was nothing Carney could say to convince him to immediately drop tariffs on his northern neighbour. When asked why, Trump replied that it's "just the way it is." The president also said he doesn't want cars, aluminum or steel from Canada. ——— May 28 The U.S. Court of International Trade strikes down Trump's broad-based tariffs on most countries. The decision blocks both the "Liberation Day" duties as well as tariffs on Canada, Mexico and China ostensibly tied to fentanyl. A panel of three judges on the New York-based court ruled Trump does not have the authority to impose tariffs on nearly every country using the International Economic Emergency Powers Act. The Trump administration has filed a notice of appeal and White House officials have condemned the ruling. — With files from The Associated Press and Kelly Geraldine Malone in Washington This report by The Canadian Press was first published May 29, 2025. The Canadian Press Sign in to access your portfolio
