As of June 4, US President Trump’s executive order to double the previously implemented US 25% tariffs on steel and aluminum has gone into effect—upping the duty to 50% for associated imports in most cases. Also, the tariffs in place are expected to reduce US deficits by $2.8 trillion, but would also shrink the economy, and increase inflation, according to the Congressional Budget Office.
In response, the Canadian Steel Producers Association called on the government to impose 50% tariffs on imported US steel, according to a press release . Fow now, Canada will delay countermeasures as the country already implemented 25% tariffs on about $43.7 billion of US imports, reported Dow Jones.
Canadian Prime Minister Carney and President Trump are reportedly talking about a new bilateral economic-and-security deal after the country was mentioned when the Trump administration’s “Golden Dome” project was unveiled. As of June 5, President Trump has spoken with Chinese President Xi Jinping, according to multiple sources.
