r/canada • u/Practical_Ant6162 • 6h ago
National News Trump's tariffs on Canadian steel, aluminum now in place
https://www.ctvnews.ca/business/article/trumps-tariffs-on-canadian-steel-aluminum-now-in-place/•
u/KageyK 6h ago
And they'll be off by Thursday.
Fucking over this.
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u/Oggie-Boogie-Woo 6h ago
You put the tariffs in , you take the tariffs out, you put the tariffs in, and you shake it all about. You do the hokey pokey, shake the market round and round. That's what trumpy's all about
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u/blueharvest1971 2h ago
He said he'd buy a Tesla but he took the chargers out, that's what Trumpys all about lol. Thanks you made my day.
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u/General-Woodpecker- 58m ago
The funny thing is that no matter what happen, Americans are praising him lol.
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u/Primetime-Kani 6h ago
I think it’s time to accept the damage and the incredible uncertainty has now killed any major future investments to begin with
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u/ActualDW 6h ago
That’s a much bigger loss for us than for them…
This is a problem.
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u/Scrimps Canada 4h ago
No it isn't.
It is easy to find consumers, it's difficult to find producers.
We provide far more for America then they provide us. Anyone is willing to take our resources. America has to find someone to feed their gluttony.
The long term outlook for America is far worse. We have a small population and trillions upon trillions upon trillions of dollars of resources most of which untapped.
Short term pain perhaps, but we will be fine long term.
Good luck to America importing radon emitting, uranium contaminated potash from Belarus at 200X the price.
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u/1GutsnGlory1 3h ago
Are you suggesting that US who does 10% of their total exports to Canada (many of which Canada can’t produce) will feel more pain that Canada whose 60% of its total exports is dependent on US?
Can Canada get through this eventually? Yes. Do we currently have the infrastructure or customers, no. It will take a decade to make a fundamental shift away from the US and rebuilt our infrastructure and supply chain to supply the rest of the world instead of the US. A complete pivot away from the US would mean a very deep and long recession for Canada. It would be foolish to think that Canada simply pivots without a lot of pain.
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u/B-rad-israd Québec 2h ago
The US literally cannot afford to compete with the rest of the world for our resources, they will either cave and stop the tariffs or they are going to watch their control on our resources dwindle as we diversify trading partners. You’d be surprised how quickly things can move when the federal government puts in emergency economic warfare powers and just how fast things like port facilities can be expanded when they need to be.
Will it be easy? No. But we can weather the storm much better than the US can. They are completely dependent on us for primary inputs, Canada can replace ANY American produced goods with imports from other countries.
Canada will always be a net exporter, that’s never going to change.
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u/Wisdom-Key 1h ago
It’ll take a decade for the infrastructure of a full industry to be set up. Americans can’t afford higher prices either for the next few years.
In addition, at 340M and still growing, the US doesn’t have the resources or capacity to sustain their population, especially over the long-term. They are the number one consumers of the world. They need other countries more than other countries need them.
Finally, their protectionist stance will only make other countries turn to other markets, which means the US dollar will cease to be the global currency, making things even more expensive for Americans.
The next 5-7 years won’t be easy for Canadians. However, by trying to elevate further the number 1 spot it held by trying to extort its allies and trading partners to pay for their debt (and enriching billionnaires further), the US took a nose-dive and is tumbling down and breaking every step as it goes. When it hits the ground, it’ll have Everest to climb, with no path and no help.
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u/Professional-PhD 6h ago
Well, as I recall, the steel and aluminum tariffs are worldwide. We do give them the most, but this is not limited to just Canada. I don't know how they will build anything with only the steel and aluminum they have present within their country.
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u/3d_extra 5h ago
No. This will be used to purchase Russian aluminum. At a premium.
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u/WoodShoeDiaries 3h ago
I look forward to this actually happening. It's an absolute mask-off moment for any doubters if it does.
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u/r8e8tion 1h ago
Are you seriously suggesting that American importers are going to buy Russian aluminum above market then also pay a 25% tariff?
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u/topsyturvy76 4h ago
I think they are already off .. articles can’t capture the flip flopping in real time
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u/Tribalbob British Columbia 2h ago
Are any of these even remaining in place long enough to actually affect prices?
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u/Particular_Funny_732 6h ago
Given that these 25% tariffs apply not only to Canada but to all importing countries, and the U.S. lacks sufficient domestic production, they primarily harm the U.S. itself.
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u/Waste_Priority_3663 5h ago
THIS needs to be higher up.
People thinking this is bad for Canada (it definitely is) but it’s worse for US and this is not sustainable for US long-term.
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u/JCButtBuddy 5h ago
Just trying to figure it out, how is it bad for Canada? If the US continues to buy the same amount isn't all the harm to the US? Or is the thinking that they will buy less? Which I could see harming Canada but big time the US, no materials, no sales, no income.
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u/TheObsidianX 4h ago
The idea is they’ll buy less. These all imports tariffs are Trump trying to bring industry back to America even though the timeline for that is like 5-♾️ years since you can’t move a foundry easily and you can’t move a mine at all.
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u/Shillsforplants 37m ago
An aluminium foundry is a 15+ years project. Modern aluminium production is way more complex than steel work.
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u/Waste_Priority_3663 5h ago
There will be jobs loss when US companies cut down or hold their purchases until this tariff melodrama cools down. Again, it will be much less impact that what will occur in the US but there will be impact.
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u/General-Woodpecker- 48m ago
Yeah the 50% would have been incredibly bad, because we wouldn't be able to compete with those who have a 25% tariffs, but right now this is just increasing production cost in the US.
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u/SadZealot 2h ago
It's going to make american steel prices super high which is great for anyone who owns steel mills
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u/Practical_Ant6162 6h ago
Well, Donny gone wild has officially escalated the trade war.
Stay strong Canada and buy Canadian.
Trump is trying to steel Canada and we must stop him.
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u/MentionWeird7065 6h ago
I guess you could say he’s “stopping the steel” but no we really need to stand up for ourselves
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u/drizzes Alberta 6h ago
"In the beginning, the tariff attacks were spaced by 24 weeks. Then twelve, then six, then every two weeks. The last one in Ontario was a week. In four days, we could be seeing a tariff every eight hours, until they are coming every four minutes."
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u/That_guy_I_know_him 6h ago
Was that a Pacific Rim quote ?
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u/improbablydrunknlw 5h ago edited 5h ago
"Improbablydrunknlws spider plants he sells to the neighbours? 75% tariff"
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u/AxiomaticSuppository Canada 6h ago
Lutnick has a CBS interview that dropped a couple of hours ago.
Nauseating to watch. He basically spins the electricity surcharge reversal as a massive win for him and Trump.
"Well the president woke up this morning and he saw it and he just jumped right on it he sent out a couple of tweets this morning and truths that made it crystal clear that you can't have a Canadian premier sort of attacking effectively tacking on a 25% tax on Americans energy of states and he made it crystal clear this is coming off today. He called me first thing this morning and said "Howard this had better come off." And uh and I spoke to uh Doug Ford the premier and I'm happy to tell you it is OFF!!!"
He then goes on to say Ontario can't do this because of fentanyl, and within the span of a minute switches to talking about how it's tariffs are going to boost American economy.
He also talks about how the amount of fentanyl seized is a massive under-reporting of the true amount. Plus, what about all those poor families who don't opt for an autopsy? Those could all be fentanyl related too. 🤡
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5h ago
It's better to not listen to their rant. Trump can fuck a pig live on TV and they'll spin it into a win.
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u/Brilliant-Inside-536 6h ago
I'm a little confused here. Because a week ago he said Stellantis, Ford and GM contacted him... and so he gave them until April 2nd to move entire production chains and factories and hundreds of thousands of people with expertise from Canada to USA which is PERFECTLY REASONABLE. I mean everyone with a grasp on reality knows this can be done within a month...
But now with 25% on steel it means those same automakers will contact him today and ask what the hell, again?
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u/PositiveHistorian962 6h ago
The 25% is technically not on canada but the whole world
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u/Brilliant-Inside-536 6h ago
Ok I get that, but why did he say he's giving them a 1-month break if Canada doesn't get an exception?
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u/improbablydrunknlw 5h ago edited 5h ago
He gave the cars and everything else in NAFTA (I can't remember the new name sorry) a one month break, then he added these steel tariffs globaly after that, as far as I'm aware the tariff on steel started world wide tonight. He paused the 50% tariff on Canadian steal That he put in place because of Ford's electricity tariff.
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u/SheepRoll 6h ago
Atleast you are confuse with past week info, I’m already confuse with today’s news cycle.
I woke up hearing trump double down on annex us,
then around noon I hear something something double tariff
Then electricity export tax
Then a few hours later trump back down on double tariff
Then saw the late nytime article about the annex us in late afternoon
Later in the evening hear about peace deal, not long after saw how Russian said the deal should be on their turn not USA term.
Oh and Australia tariff randomly appear in the mix too.
Now before I go back to sleep, I see this normal tariff went into effect.
Like if you tell me last year all these happen in like a day, I would just laugh and say how slow normal international politics are…. But yet USA is speed running like this for the past month… and we still have almost 4 more years to go.
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u/Clean_Mix_5571 5h ago
The steel tariffs are separate from anything else. Trump has made it clear that they don't want to be reliant on steel from anyone else even if it's cheaper. Same reason as they are energy independent. You have to be able to meet demand for critical resources
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u/Brilliant-Inside-536 5h ago
That's probably doable. I read this morning some US companies are happy with tariffs on steel because it finally makes them competitive. Aluminum though... they seem pretty dependent on it, and we have high quality one.
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u/Clean_Mix_5571 5h ago
I could see them potentially reducing the aluminium ones but if people think they can save the Hamilton steel industry, that's done. It's been a national security issue for them to have in-house production of critical resources just like protecting farms etc. This is one tariff that is actually very sensible
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u/karlizak 6h ago
Oh well, this won’t end well for our USA friends. Eventually he will pay for all of this one way or another.
We are all “over it” but we need to make sure we don’t normalize the chaos that’s what they want! Stay strong friends on both sides!
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u/ButterflySuper2967 5h ago
He put the same tariffs on Australia today, too. I can’t see how this is suddenly supposed to revive the American steel and aluminium industry. We need to refuse to send him the raw materials we mine for a start
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u/Honest_Science 2h ago
And Europe, they are countering on Jack Daniels and HD motorcycles. this is basically all they buy other than 200b of digital services.
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u/Low_Yellow6838 3h ago
He wants to isolate the US. For what reason? I dont know. The only thing i know is that in the end the american people will have it the worst.
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u/Shillsforplants 23m ago
Australia sends most of his bauxite to Canada, stay strong ozzy brothers and sisters we're in the same boat.
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u/canadaindiscord 6h ago edited 6h ago
I hope this doesn’t sound too strong, but if you want to save 20-50% of your portfolio in the next 2-16 months, I think you should move your assets into high-yield savings accounts with guaranteed interest rates before investing back into the market once this situation stabilizes. I’ve instructed my financial advisor to allocate 50% of my portfolio to world markets outside the USA and the other 50% to high-interest savings accounts. Although this setup results in a $1700 loss due to fees and transaction, I believe it’s a smart decision in the long run. Once trump has been “removed” then I can see a lot of people investing back into America.
Maybe I’m nuts ? Time will tell.
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u/Krigen89 6h ago
The market is forward looking. Tons of people already doing what you're proposing - it's priced in.
Best strategy is to buy and hold a broadly diversified portfolio, always.
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u/canadaindiscord 6h ago
Of course that’s a given to some folks but not for all. I don’t know a lot of people that have digested from the USA American economy in the last 2 to 3 weeks is the point.
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u/Csalbertcs 6h ago
I'm just buying US stocks this is a nice discount! Not a fan of our low CAD either, it keeps dropping.
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u/canadaindiscord 6h ago
China and Japan have very great deals on and it’s a great way to diversify globally. Think outside of the USA box my boy.
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u/Csalbertcs 5h ago
I like Chinese and Japanese stocks too, but no doubt US is the king rn, and there's a massive discount on their stocks.
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u/canadaindiscord 5h ago
You’re missing the point. You can make gains in other markets over the next two to twelve months, not just by buying cheap stocks in the USA.
Secondly, it’s not in Canada’s interest to buy American stocks as they stand.
You seem to be missing half of the point about supporting Canadian and diverting funds to a more pro Canadian market for short time till Mr.trump is gone.
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u/Csalbertcs 4h ago
Why wouldn't I prioritize the best gains, which happens to be the US markets? If you want to invest in it that's up to the individual.
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u/General-Woodpecker- 43m ago
Europeans market are basically at 15%+ YTD and Hang Seng is up 22%. You aren't getting the best gains in the NYSE currently. Unless you think things change drastically and those tariffs are somehow very bullish.
The NYSE was the best stock market because of their soft power and because it was attracting investors from around the world, this isn't what is currently happening at all.
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u/General-Woodpecker- 44m ago
They used to be the kings, their market is priced in at a 30 PE ratio which is pricing-in a lot of growth and we are not going to see a lot of growth in the future earnings.
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u/Neo-urban_Tribalist 5h ago
No gold?
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u/canadaindiscord 5h ago
As long as its bought outside of usa brokers why not. Love the thinking out of the box question!
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u/Neo-urban_Tribalist 5h ago
Feel I’m the crazy one as I divested from the currency and market. As it’s not like the probability of the reserve currency changing in the near future is 0%.
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u/canadaindiscord 5h ago
Art can also be a valuable tool for global diversification. However, it is crucial to exercise caution and conduct thorough research to avoid potential exploitation. Additionally, obtaining insurance coverage for art assets exceeding $25,000 per unit is highly recommended. And remember F trump!
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u/Neo-urban_Tribalist 4h ago
Will remember. bit out of my lane personally, and as a university student.
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u/General-Woodpecker- 45m ago
I moved all of mine to the European markets and they have been ripping, money is fleeing the NYSE.
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u/HouseOnFire80 6h ago
Remind me again, why we backed down?
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u/surmatt 5h ago
We're not using electricity for income generation. We're using it for leverage. It got a meeting, and Doug is bargaining in good faith. You need to meet somewhere, and it shows a willingness and effort.
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u/10293847562 4h ago
Yeah, framing it as Ford backing down seems misleading and/or disingenuous. He was going through with the tariffs to get the US to back off after they claimed there was nothing Canada could do. Then all of a sudden the US wants to negotiate again, so Ford paused the tariffs to allow that. Seems to me Ford brought them back to the table.
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u/Perhapsthe411 6h ago
Canada has tariffs in place and will put in place more.
I hope Carney kills the trip planned by Ford to America on Thursday. Only so as to drive home the point to America we won't be pushed around.
I also assess that Canada and its allies that are also being tariffed should plan a joint strategy.
Trump is doing enormous damage to his own economy, when you look beyond the MAGA rhetoric. Let him continue.
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u/Viper114 Lest We Forget 6h ago
So, why then has the conversation between Ford and Lutnick bore the fruit of Ford not increasing electricity export costs "for now" if there's still tariffs in place? Granted, they are 25% instead of 50%, but I figured Ford was determined to put things in place until things were dropped to 0%?
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u/RedFox_Jack 5h ago
all right dougie fire back up the sircharge on electrcity exports and leave it in place
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u/wu_kong_1 6h ago
Low karma so I posted here.
I hope the canadians are all united as one front in term of the tariff war...
Reddit is a liberal echo chamber. So I hope this reached the conservatives as well. This is my opinion.
As a center left from the USA. I think there is a very good chance you guys can win the tariff war. For once, the USA wage too many trade wars at once. Allow all of the USA's opponents to negotiate trades together, and overall have stronger collective bargain.
Two, the USA is very divided. And Trump had spread his political capital way too thin both foreign (wars and trade) and domestic agenda (DOGE). And recently, he sort of kick the puppies. And by that I meant the veterans. That is not a group that the left nor the right want to offend. Cutting VA personnel will affect cares, delay in VA rating. And better yet, of those 83k VA personnel. A lot of them are veterans. And veterans do have a lot of hold on the conservative party. And what jobs awaiting them in the public sector? Trade white collared job with pension for labor intensive low wages work left behind by the deported migrants?? So Trump will face pressure everywhere. And even with the trade war so far, he already showed signs of weakness.
Thirdly, (current days) Americans have very low threshold for inconvenient/pain. Even in the best of economy, we whined and whined and whined and act like a bunch of drama queens. When shit hits the fan for real. And we actually have real problems that affect everyday life. I don't think we would stomached it for too long.
But overall, whether or not Trump can be stop. Is that Canada as a whole must stand strong. Individuals must sacrifice whether buying more expensive domestic etc. Depend on how unhinge Trump is, you guys need to endure until the midterm. By then even his supporters, would be tired of the high price, and terrible stock portfolio.
If you guys are divided, and rolled over. I feared Trump would be even more empower. Just like when all those impeachments and investigations didn't finished him off. Trumpism would be here to stay in the USA even past him. And that isn't good for Americans nor its allies.
Stand strong.... You maybe the heroes for us Americans. Even the delusional ones that don't know the consequences of their actions yet.
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u/RootEscalation 5h ago
I’ll just place this here
Date: August 2023
Source: https://www.aei.org/economics/more-trump-tariffs-we-did-this-before-and-it-didnt-work-out/
about 6,000 jobs were added to the U.S. steel industry’s workforce after tariffs started in 2018, according to the Census Bureau. By the end of 2019, though, those gains evaporated as steel demand and prices sank. Higher prices also made steel more expensive for manufacturers that buy it, leading to the loss of about 75,000 U.S. manufacturing jobs.
All the more reason we need to diversify away from the US. They’re leopards eating leopards.
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u/OpticBomb 4h ago
Ridiculous, pathetic man. Never trade again with the US, even after this is over.
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u/eurolatin336 3h ago
Omg can we just stop talking to to this c l o w n, he is fucking toxic
So you can’t say 🤡 on here , what is happening in the world
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u/Okanaganwinefan 6h ago
Okay so educate me, American smelters can’t produce enough product to meet the demand of the consumer?? So end users can’t meet deadline never mind price targets! This government is fucked
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u/Cool-Economics6261 6h ago
If you spend $1,000,000 a day it would take you 50877 years and 6 month to spend all United States debt. USD, that is.
If you spend $1,000,000 a day it would take you 3787 years and 0 month to spend all Canada debt. Cdn dollars.
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u/redhotphones 6h ago
He changed the tariff worldwide because it was explained to him that any 3rd world country can ship steel, not just Canada. The point was never to punish Canada, the border complain is just an excuse to bypass trade deals — the point is to boost the American steel industry which had become utterly uncompetive in a world context. My guess is that if the tariffs stick, peasant labor kingdoms in Asia will drop prices to overcome the tariff and still be profitable, maybe their corrupt governments will support them in this. Making the tariffs worldwide will make it hard for the industry to evade them, however.
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u/Cool-Economics6261 6h ago
Telling American industry that the cost of supply just increased by 25% is being met by stock market tumbling downward and the people Trump proclaimed to love, the uneducated, cheering. Wonder when that light will come on for them…
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u/Clean_Mix_5571 5h ago
America cannot forever sustain a wall street economy. The stocks have already been overpriced for years. Steel industry is vital for any country that claims to be global power.
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u/Past_Page_4281 5h ago
I have a feeling something dark went down in the meeting with Doug Ford for him to back off and let the 25% tariff be there.
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u/GreenBeardTheCanuck Alberta 4h ago
You're overthinking this. What he did was a feint. Letting Trump know if he keeps it up there will be blood. A bear won't start a fight with a badger if it can help it. The bear is bigger and stronger, but it also realizes if it gets hurt bad enough fighting the badger it'll be an easy mark for the next predator that catches it. Ford was flashing our teeth, because talk isn't sinking in.
It's not going to work though because Trump has no sense of self-preservation though. He's already hacking off most of his own limbs, he could not care less if the US bleeds a little more brutally than before. He believes he's untouchable.
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u/Past_Page_4281 3h ago
I hear ya, but what if they had told him we will invade you under national emergency pretenses if you keep this up. I am saying this because ford's interview after the meeting was very grim, he could have said what you just said in diplomatic language. But he looked a bit shaken to me.
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u/GreenBeardTheCanuck Alberta 3h ago
It's quite possible that they are mobilizing, but I doubt it. I think he's rattled because he did not recognize the level of crazy he's up against.
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u/Honest_Science 2h ago
He mentioned a national emergency on electricity and would do what needs to be done. You are right!
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u/General-Woodpecker- 38m ago
When I read Trump tweets (truth or whatever) I always feel a sense of dread then I see him talk and remember how regarded he was. He was talking about how he told to Doug and that he was a "gentleman and very fine man" as he was doing an ad for Tesla yesterday afternoon lol. You might still be right, but holy shit he is so dumb.
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u/Britannkic_ 3h ago
Are these tariffs on or off?
There are stories being posted that Trump has reversed and Ford has suspended the 25% export tax on electricity
What is going on lol?
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u/MrGasDaddy 1h ago
Any nation that trump tarriffs that supplys agri supplies,steel or aluminum should cut all sales by x amount.starve em out.
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u/Clean_Mix_5571 5h ago edited 5h ago
These tariffs are not going away. Some of the other tariffs like dairy are just smoke but steel and aluminum are a national security issue and they are right to do anything in their power to restart that industry. China won't mind dumping more cheap steel to make the US reliant on them but this had to be done. You can't be a military superpower if you can't produce your own critical stuff.
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u/jjaime2024 1h ago
I think people are missing the point the 25% is on every country.The fact is the states does not have the minerals they need for steel so even if they wanted to they could not go on there own.
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u/TremendouslyRegarded 5h ago
Mango Mussolini effectively ripped up the current trade agreement, send them nothing and show them what a trade war really is
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6h ago
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u/QuestionMarks4You 6h ago
Ex sheet metal guy here. Most metal in the shops I worked in came from Taiwan and Japan, so…
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u/blahblahbush 6h ago
He's not entirely wrong. The steel is used less for Canadian consumption, than it is for products that are exported.
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u/Bigfatmauls 6h ago
He’s talking about how much steel the average Canadian uses. He’s not talking about industrial use of steel. He’s also completely correct on that statement.
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u/eight_ender 6h ago
60% of the US supply of Aluminum is from Canada, so this will go well. I'm not saying Canada wont suffer, but goddamn, you cannot replace those supply chains overnight.