O'Leary Ventures Chairman Kevin O'Leary analyzes President Donald Trump's tariff fight against Canada in “Varney & Co.” #foxbusiness #varney
Canada announced an additional $21 billion tariff on the US on Wednesday after President Donald Trump's new 25% tariffs on steel and aluminum came into effect.
Canada is the largest foreign supplier of steel and aluminum for the US
“Today, I am announcing that the Canadian government will be charged following a $1-dollar approach to dollars as of tomorrow, March 13, 2025. “This includes $12.6 billion worth of steel products and $3 billion worth of aluminum products and $14.2 billion worth of additional US products.”
“The list of additional products affected by counter tariffs includes computers, sports goods and cast iron products as examples,” he continued.
Trump's 25% tariff will increase on all steel, and aluminum imports will take effect
Former Canadian bank governor Mark Kearney will become Canada's next prime minister after winning a liberal leadership race on Sunday night. (Artur widak/Nurphoto via Getty Images/Getty Images)
“We will not stand vaguely while our iconic steel and aluminum industries are unfairly targeted,” Leblanc added, according to the CBC.
president Donald Trump's The 25% tariff increase on all steel and aluminum imports officially came into effect Wednesday. This is the administration's latest move to restructure global trade standards that favor US manufacturing.
The lawsuit prompted retaliation from the European Commission. This comes just after Trump's tariffs enabled him to impose taxes worth $28 billion worth of US goods starting next month.
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Canadian Finance and Intergovernmental Minister Dominic LeBlanc will speak at a press conference held in Ottawa, Ontario, Canada in December 2024. On Wednesday, Canada announced new tariffs in the US. (Kamara Morozuk / Bloomberg by Getty Images / Getty Images)
“We regret the unfair US 25% tariff on steel and aluminum imports. The EU protects consumers and businesses,” the committee said in a statement. “We are launching rapid, proportional measures up to $28 billion to match the economic impact of US tariffs.”
Trump's actions To protect the protection of American steel and aluminum producers in one go, we will recover effective global tariffs of 25% on all metal imports and extend our obligations to hundreds of downstream products made from metal, from nuts and bolts to bulldozer blades and soda cans.
The countries most affected by tariffs are Canada, the largest foreign supplier of steel and aluminum in the US, Brazil, Mexico and Korea, all of which enjoy some degree of exemption or quota.
President Donald Trump on Tuesday called Canada “one of the best tariff countries in any country in the world.” (Anna Money Maker/Getty Images/Getty Images)
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Under the USMCA trade agreement Trump signed in 2020, most of US trade remains tax-exempt, but he has complained about Canada's high tariff rates for dairy products.
Bradford Betz and Reuters from Fox Business contributed to this report.
