Canada bracing for bad news as the Trump administration invites U.S. steel and aluminum executives to the White House today. President tweeted this morning that the industries 'have been decimated by decades of unfair trade and bad policy with countries from around the world.'
Update: Trump expected to unveil steep tariffs on imports of steel, aluminum. Canada exports 4M tonnes of steel, 2.5M tonnes of aluminum to the US every year, but argues for exemption due to integration of economies, particularly in auto sector. cbc.ca/1.4557060
Trump ditches plan to announce decision on steel, aluminum tariffs today. Will hold listening session with US industry leaders instead.
Trump tells representatives of US steel, aluminum industry he will impose tariffs on imports next week. Steel to be subject to 25% tariff, aluminum 10%. Canada had lobbied for exemption based on integration of economies.
Update: US to slap tariffs on steel, aluminum imports next week, but some details unclear. Trump has not said if tariffs apply to all countries; Canada is top US supplier, and was not on list of nations US Commerce Department considered 'problematic.' cbc.ca/1.4557060
Dow plunges after Trump tariff announcement, down more than 500 points to 24,500, a fall of 2%. Investors concerned about countries imposing retaliatory sanctions on US exports, and impact on consumer spending when US manufacturers pass on higher cost of steel/aluminum products.
Update: Trump's abrupt announcement of tariffs on steel, aluminum sparks fear of global trade war, sends stocks plunging. Some analysts predict move will raise prices, cost jobs. cbc.ca/1.4557715
Canada threatens 'responsive measures' if US slaps tariffs on Canadian steel, aluminum. Says 'entirely inappropriate' to view trade with Canada as national security threat to US. Notes that half of US steel exports go to Canada, and that US enjoys $2B trade surplus.
More @cbcnews Trump's steel tariff could drive up Canada's military procurement costs. cbc.ca/1.4558379
More @cbcnews 'Ill-advised decision from the Americans,' Quebec premier says after Trump says he'll impose tariffs. cbc.ca/1.4558212
LATEST: US President Donald Trump tweets on tariffs: 'When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win... 1/2
2/2 ... Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big. It's easy!' Early-morning Trump trade tweet followed a 5:42 am ET tweet complaining about portrayal of him by 'Alex Baldwin' on SNL.
Actor Alec Baldwin responds to Trump's tweet about him: 'Agony though it may be, I’d like to hang in there for the impeachment hearings, the resignation speech, the farewell helicopter ride to Mara-A-Lago. You know. The Good Stuff. That we’ve all been waiting for.'
Latest Trump tweet says trade war ahead: 'When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us.'
More @cbcnews 'Trade wars are good, and easy to win,' Trump tweets. cbc.ca/1.4558893
WTO chief makes rare warning of trade war over U.S. tariff plan. 'The WTO is clearly concerned at the announcement of U.S. plans for tariffs on steel and aluminum. The potential for escalation is real,' he said in a brief statement issued by the WTO.
More @cbcnews Canada seeks exemption to Trump's steel tariffs, vows retaliation. Trudeau calls proposal 'absolutely unacceptable' and warns of serious disruption. cbc.ca/1.4558967
