U.S. President Donald Trump says he’ll announce Monday the United States will impose 25 per cent tariffs on all steel and aluminum imports, including from Canada and Mexico.
2:05 p.m. EST: Alberta premier heads to Washington
Alberta Premier Danielle Smith is travelling back to Washington, D.C., along with her provincial counterparts to lobby U.S. lawmakers and industry amid continued tariff threats from the U.S. president.
Smith says she will embrace a “Team Canada approach” to convince Americans the levies will harm workers and businesses on both sides of the border, while also highlighting the “significant” role Alberta energy exports play in the U.S.
At the same time, Smith is demanding the Canadian government reverse what she calls “soft-on-crime” federal law as part of its response to U.S. President Donald Trump’s concerns about border security.
The premier says Prime Minister Justin Trudeau’s government must reintroduce mandatory minimum jail sentences for drug offenders, or offer up federal funding for Alberta to take over drug prosecutions.
The Canadian Press
1:40 p.m EST: Canada as a state? ‘Hell no,’ Singh tells CNN
NDP leader Jagmeet Singh responded to the threat of new tariffs on CNN. Singh told the anchor, “Don’t take our kindness for weakness,” adding “we don’t want any part of the 51st state, hell no.”
Singh said that Canada can’t be vulnerable to the whims of a president who wants to attack his closest allies.
When asked what Singh would do if he were prime minister, he repeated his suggestion that Canada should put tariffs on Elon Musk’s companies.
“What I would do is put 100% tariffs on Tesla,” he said, adding he would withhold critical minerals needed for EV’s and battery components. “Let’s shut him down. We have the tools, and we should be ready to use them.”
Heather Butts, CTV News
1:30 p.m. EST: Trump’s latest tariff plans on steel and aluminum are spreading uncertainty
U.S. President Donald Trump plans to formally announce 25% tariffs on steel and aluminum imports today as part of an aggressive effort to remake the existing terms of world trade that so far has compounded economic uncertainty.
Trump also intends this week to reset U.S. taxes on all imports to match the same levels charged by other countries, all of which comes on top of the 10% tariffs he already put on China, China’s retaliatory tariffs that started Monday and the U.S. tariffs planned for Canada and Mexico that have been suspended until March 1.
All of this carries inflation risks at a moment when voters are already weary of high prices and fearful that price increases will eclipse any income gains. Trump maintains that the tariffs will level the playing field in international trade and make U.S. factories more competitive, such that any pain felt by consumers and businesses would eventually be worthwhile.
“‘Fairness’ is in the eye of the beholder, but the more fundamental question is whether the U.S. actually benefits from such new tariffs,” Benn Steil, director of international economics at the Council on Foreign Relations, a New York-based nonpartisan think tank, said in an email to the Associated Press.
“The costs to the U.S. will include higher prices to U.S. consumers, retaliatory tariffs abroad, and the loss of U.S. jobs and competitiveness in firms hit by higher input costs.”
The Associated Press
1:22 p.m. EST: Finance Minister has ‘productive call’ with U.S. counterpart
As Canada braces for U.S. President Donald Trump’s 25 per cent tariff on steel and aluminum imports, Finance Minister Dominic LeBlanc said he had a “productive call” with his U.S. counterpart, Treasury Secretary Scott Bessent, on Monday morning.
In a post to X on Monday afternoon, LeBlanc said, “Our conversation focused on our common objective – building a strong North American economy that benefits citizens and industries on both sides of our shared border.”
I had a productive call this morning with my American counterpart, Treasury Secretary Scott Bessent. Our conversation focused on our common objective – building a strong North American economy that benefits citizens and industries on both sides of our shared border. pic.twitter.com/a76mzhCr9G
— Dominic LeBlanc (@DLeBlancNB) February 10, 2025
Stephanie Ha, CTV News
12:00 p.m. EST: TSX up more than 200 points as markets shrug off Trump’s tariff threat
Canada’s main stock index was up more than 200 points in late-morning trading, helped by strength in the energy, base metal and technology sectors, while U.S. stock markets also climbed.
The S&P/TSX composite index was up 217.05 points at 25,659.96.
In New York, the Dow Jones industrial average was up 49.04 points at 44,352.44. The S&P 500 index was up 37.55 points at 6,063.54, while the Nasdaq composite was up 222.99 points at 19,746.39.
The Canadian dollar traded for 69.82 cents US compared with 69.94 cents US on Friday.
The Canadian Press
11:55 a.m. EST: Ontario premier speaks with CEOs of Canadian steel companies as tariff threat looms
Ontario Progressive Conservative Leader Doug Ford says he has spoken with the CEOs of Canadian steel companies Stelco and Dofasco this morning about looming U.S. tariffs on steel and aluminum.
Ford says he will wait until Trump’s formal announcement this afternoon before reacting to the tariffs, but notes Ontario is prepared to react “hard” and “fast.”
Ford, who is heading to Washington, D.C., this week in his role as Ontario premier, says his team is in “constant communication” with federal officials and other premiers on the issue.
The Canadian Press
11:35 a.m. EST: Singh calls for 100% tariff on Tesla imports
As U.S. President Donald Trump reaffirms his desire to make Canada the 51st state, NDP Leader Jagmeet Singh is singling out Tesla CEO Elon Musk – who is a member of Trump’s administration – and calling for a 100 per cent tariff on Tesla imports.
“We know that the billionaire buddy of Donald Trump, Elon Musk, is a driving force behind the 51st state, so let’s punch back against him,” Singh said to reporters in Windsor, Ont. on Monday.
Asked what impact a tariff on Tesla imports could have, Singh said “it sends a clear message.”
“When it comes to Elon Musk, I want to send a message directly to him on tariffs, on him, on his company. He thinks he can pick a fight with Canada. He thinks he can say that we should be the 51st state. We’re going to hit him back,” Singh said.
Singh said he would also like to bring back the federal government’s rebate on electric vehicles. The program, which ended last month, offered drivers $5,000 back if they invested in EVs. To support Canadian workers, Singh said he wants to increase that rebate up to $10,000 if the vehicle was made in Canada.
Stephanie Ha, CTV News
11:15 a.m. EST: Poilievre says he’d match Trump’s threatened steel, aluminum tariffs
Conservative Leader Pierre Poilievre says that he would implement matching tariffs on American steel and aluminum if he was prime minister.
Speaking in Iqaluit this morning, Poilievre says that money collected by counter tariffs would go back to Canada’s steel and aluminum industry, with any surplus used for broader tax relief.
However, when asked about high food prices in the north Poilievre says he’d put “every penny” collected by counter tariffs into lowering taxes.
The Canadian Press
10:40 a.m. EST: Hamilton, Ont. mayor says steel, aluminum tariffs would be ‘devastating’
Hamilton, Ont. Mayor Andrea Horwath said if U.S. President Donald Trump imposes 25 per cent tariffs on steel and aluminum, the impact to the residents in her community would be “devastating.”
“It is going to be very, very difficult for our city for a sustained period of time if those tariffs do come to pass,” she told CP24 on Monday morning.
“Who knows what Trump is going to announce today, who knows what the timing might be but just the destabilization that this president is causing for my community, it is already devastating.”
She said the tariffs would results in “about a $1 billion hit” to the local economy.
“People are worried about their jobs, they’re worried about the families, their worried about being able to make ends meet.”
Codi Wilson, CP24.com
10:25 a.m. EST: Wall Street takes Trump’s latest tariff threats in stride
Wall Street is taking U.S. President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are drifting higher on Monday.
In Toronto, the S&P/TSX Composite Index was up 0.93 per cent to 25,679.8 as of 10:23 a.m. EST.
The S&P 500 was up 0.4% in early trading, coming off a losing week bookended by worries about how potential tariffs could push up inflation and threaten the economy. The Dow Jones Industrial Average was up 160 points, or 0.4%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% higher.
The bond market was also holding relatively firm, with Treasury yields ticking only a bit lower after Trump said over the weekend that he will impose 25% tariffs on all steel and aluminum imports, as well as other import duties later in the week.
Fear around tariffs has been at the center of Wall Street’s moves recently, and experts say the market likely has more swings ahead. But Trump has shown that he can be just as quick to pull back on such threats, like he did with 25% tariffs he announced on Canada and Mexico, suggesting they may be merely a negotiating chip rather than a true long-term policy.
The Associated Press
9:45 a.m. EST: TSX erases opening gains as markets digest latest tariff threats
In Toronto, the S&P/TSX Composite Index erased a one per cent gain it saw at the open, falling 0.36 per cent to 25,442.91 as of 9:45 a.m. EST.
Meanwhile, Wall Street is taking U.S. President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are opening higher.
The S&P 500 rose 0.5 per cent in early trading Monday, coming off a losing week bookended by worries about how potential tariffs could threaten the economy. The Dow Jones Industrial Average was up 261 points, and the Nasdaq composite was up 0.7 per cent. Treasury yields ticked lower in the bond market after Trump said over the weekend that he will impose 25 per cent tariffs on all steel and aluminum imports, as well as other import duties later in the week.
With files from the Associated Press
9:30 a.m. EST: North American markets higher at the open
Canada’s benchmark stock index, the S&P/TSX Composite, opened higher on Monday, up one per cent as of 9:30 a.m. EST. In New York, the S&P 500 Index also opened higher, up roughly half a percentage point.
Markets are reacting to U.S. President Donald Trump’s comments on Sunday, when he told reporters he plans to announce 25 per cent tariffs on all steel and aluminum imports into the U.S. today.
This is a developing story. More information to come.
Stock market today: Global shares trade mixed on continuing Trump tariff worries
Global shares were trading mixed on Monday, as investors found bargains despite worries about U.S. President Donald Trump’s tariffs. Full story here.
Real-time live market updates exclusively here BNNBloomberg.ca
Canadian Steel Producers Association ‘deeply concerned’ about latest tariff threat
The head of the Canadian Steel Producers Association says she is “deeply concerned” about the latest tariff threat by U.S. President Donald Trump.
The U.S. president said on Sunday that he will formally announce 25 per cent tariffs on all steel and aluminum imports into the U.S. on Monday, including those coming from Canada and Mexico.
Trump’s invasion threats violate international law: Canadian ambassador
The Canadian ambassador to France says threats by United States President Donald Trump to invade another country violate international law.
“I’m just saying that in order to respect international law, you don’t threaten your neighbours by invasion,” Stephane Dion said.
Why Trump wants higher tariffs on steel and aluminum
As he tries to reshape U.S. trade ties with the rest of the world, U.S. President Donald Trump has unveiled a new tariff threat: He’s pledged to impose a 25% levy on U.S. imports of steel and aluminum, which were valued at almost $50 billion in 2024.
While the move is aimed at strengthening domestic production, it carries implications for the wider economy, given that the U.S. relies on imports to meet a large portion of demand for the metals in sectors such as construction, auto manufacturing, drinks packaging and the production of military equipment.
Trump has already unveiled, then paused, blanket 25% tariffs on imports from Canada and Mexico, then went ahead with new 10% taxes on goods from China. The latest plan carries echoes of the president’s first administration, when steel and aluminum imports were subjected to tariff hikes following years of complaints from American companies and labour unions.
Trump says he will announce 25% steel and aluminum tariffs on Monday
U.S. President Donald Trump said on Sunday he will introduce new 25 per cent tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties, in another major escalation of his trade policy overhaul.
Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans, said he will announce the new metals tariffs on Monday.
