Market uncertainty continues as Canada awaits U.S. tariffs on steel, aluminum

WASHINGTON — Canada is steeling itself for more tariffs after U.S. President Donald Trump’s tumultuous trade agenda caused U.S. stock markets to fall further on Monday.

Trump has promised to lift exemptions on Wednesday and hit Canada with 25 per cent levies on steel and aluminum, bringing additional uncertainty to markets already being spun in circles by the president’s inconsistent tariff threats.

Trump launched a trade war against Canada and Mexico last week but paused parts of it days later in response to pleas from the automotive industry.

Trump signed an executive order last Thursday delaying until April tariffs on goods that meet the rules-of-origin requirements under the Canada-United States-Mexico Agreement on trade.

Trump also has signed an executive order to implement “reciprocal tariffs” by raising U.S. duties to match the tax rates that other countries charge on imports starting on April 2.

In an interview that aired Sunday, Trump refused to rule out a recession.

This report by The Canadian Press was first published March 11, 2025.

Kelly Geraldine Malone, The Canadian Press

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Steel coils at the ArcelorMittal Dofasco steel production facility in Hamilton, Ont., on Monday, February 10, 2025. THE CANADIAN PRESS/Nick Iwanyshyn

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