Yahoo Finance

The U.S. will increase its planned 25% tariffs on Canadian steel and aluminum to 50%, President Trump said on Truth Social on Tuesday, in response to Ottawa’s retaliation to U.S. tariffs. Trump added he would “substantially increase” levies on cars on April 2, which he said would “essentially, permanently shut down the automobile manufacturing business in Canada.” Trump had pledged 25% tariffs on steel and aluminum from trading partners including Canada, effective March 12.