Markets tumble as Canada braces for new wave of U.S. tariffs

By Canadian Press on March 31, 2025.

WASHINGTON — Markets tumbled today amid confusion over how U.S. President Donald Trump intends to pursue his global tariff agenda this week — and how it will hit Canada.

Trump has said Wednesday will be “Liberation Day” — the day when he intends to impose “reciprocal” tariffs by increasing U.S. duties to match the tax rates that other countries charge on imports.

The president said Sunday he will be “far more generous” in his plans to massively upend global trade.

Those aren’t the only devastating duties set to roll out this week.

Thursday will bring Trump’s 25 per cent levies on automobiles and parts — which may include some sort of carve-out for cars made with American parts under the Canada-U.S.-Mexico Agreement on trade.

It’s also not clear whether economy-wide tariffs, which Trump has linked to the flow of fentanyl, will hit Canada and Mexico again this week.

This report by The Canadian Press was first published March 31, 2025.

Kelly Geraldine Malone, The Canadian Press