US President has set April 2nd as a deadline for new trade policy
The US President has made a significant trade policy announcement today. Calling April 2nd “Liberation Day” the President has outlined plans for reciprocal tariffs against the United States’ major trade partners.
“April 2, 2025 will forever be remembered as the day American industry was reborn,” Trump said. “For decades our country has been looted, pillaged, raped, and plundered by nations near and far.”
Among the policy announcements was the confirmation of 25 per cent tariffs on all automobiles constructed outside of the Untied States effective at midnight. The President also announced a 10 per cent tariff on imports from the UK and 20 per cent tariffs from the European Union. He announced a 10 per cent blanket tariff on all global imports, as well as hinting at various tariff levels for different trade partners.
CBC and CNN reported that the exemption for compliant goods under the USMCA free trade agreement would stand, meaning the majority of Canadian goods aside from automobiles, steel, and aluminium would remain exempt from these tariffs.
“The United States cannot continue with a unilateral policy of economic surrender,” the President said. “We have to take care of our people and we have to take care of our people first.”
Prime Minister Mark Carney has been in Ottaway today. He held a closed-door meeting with his US relations and security teams this afternoon prior to the US announcement. Another meeting is planned for after the announcement.
Markets had risen slightly in the day prior to the announcement. The Dow Jones was up around 0.56 per cent with the S&P 500 up 0.67 per cent and the Nasdaq Composite was up 0.87 per cent. Gold, too, had risen by as much as 0.7 per cent during the day before pulling back slightly.
