Donald Trump imposes a 50% tariff on most Canadian imports
Business
Donald Trump just announced a hefty 50% tariff on most Canadian imports, blaming Canada for unfair trade practices, especially around cars, alcohol, and dairy.
The move was made official through three presidential proclamations under an old trade law.
Not everything is affected: energy products, potash, fish, and critical minerals are off the hook.
USMCA expired, move raises inflation concerns
This all comes as the U.S.-Mexico-Canada Agreement (USMCA) recently expired. Renegotiations could drag on until 2036.
Officials say Canada's past retaliatory tariffs played a big part in Trump's decision.
The latest move is expected to heighten economic uncertainty, raising concerns over higher inflation and further straining ties between the United States and Canada.