Explore Business Standard
Incoming Canadian Prime Minister Mark Carney said Tuesday that his government will keep tariffs in place until Americans show respect and commit to free trade after US President Donald Trump threatened historic financial devastation for Canada. Carney, who will be sworn in as Justin Trudeau's replacement in the coming days, said Trump's latest tariffs are an attack on Canadian workers, families, and businesses. My government will ensure our response has maximum impact in the US and minimal impact here in Canada, while supporting the workers impacted, Carney said. He added: My government will keep our tariffs on until the Americans show us respect and make credible, reliable commitments to free and fair trade." Trump said Tuesday that he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada, escalating a trade war with the United States' northern neighbour and showing an indifference to recent stock market turmoil and rising recession risks. Trump said on
Ontario's premier, the leader of Canada's most populous province, announced that effective Monday it is charging 25% more for electricity to 1.5 million Americans in response to US President Donald Trump's trade war. Ontario provides electricity to Minnesota, New York and Michigan. I will not hesitate to increase this charge. If the United State escalates, I will not hesitate to shut the electricity off completely, Ontario Premier Doug Ford said at a news conference in Toronto. "Believe me when I say I do not want to do this. I feel terrible for the American people who didn't start this trade war. It's one person who is responsible, it's President Trump. Ford said Ontario's tariff would remain in place despite the one-month reprieve from Trump, noting a one-month pause means nothing but more uncertainty. Quebec is also considering taking similar measures with electricity exports to the US. Ford's office said the new market rules require any generator selling electricity to the US
Canada's next prime minister Mark Carney slammed US President Donald Trump for "unjustified tariffs", saying Americans should make no mistake as Canada will win the trade war just as it wins in hockey. Carney, who won the election for the leadership of the ruling Liberal Party to succeed Justin Trudeau as prime minister, in his victory speech Sunday also hit out at the American president for suggesting that Canada should join America as its 51st state. "America is not Canada. And Canada never, ever, will be part of America in any way, shape, or form. We didn't ask for this fight, but Canadians are always ready when someone else drops the gloves," 59-year-old Carney said. "So, Americans should make no mistake In trade, as in hockey, Canada will win. But this victory will not be easy. We are facing the most significant crisis of our lives. We will have to do extraordinary things together," he said. In his speech, the former head of Canada's central bank attacked Trump, saying there'