Canada responds to Trump tariffs
Canadian political leaders, including Conservative Leader Pierre Poilievre and Ontario Premier Doug Ford, outline their plans to respond to U.S. President Donald Trump’s sweeping tariffs.
The latest
Trudeau announces retaliatory tariffs on $30 billion worth of American goods.Trump fires back at Trudeau in social media post, threatens more tariffs next monthConservative Leader Pierre Poilievre outlines his own tariff response plan.“There are no winners in a trade war,” Trudeau says.We’re expecting to hear from other federal leaders, provincial premiers todayMarch 4
7 minutes ago
Toronto Stock Exchange takes a shellacking
Jenna Benchetrit
The Toronto Stock Exchange is pictured on March 13, 2023. (Alex Lupul/CBC)The S&P/TSX Composite was down 418.39 points, or 1.67 per cent, by midday. It’s taken the worst shellacking of any major North American market, per Barry Schwartz, chief investment officer at Baskin Wealth Management in Toronto.
However, companies listed on the Toronto Stock Exchange aren’t as exposed to tariffs as other indices, he added.
The TSX is mostly home to financial, software and utility companies. Energy companies hit with a 10 per cent tariff may see less financial impact, because exporters could benefit from a lower loonie even if other prices drop. Today, the Canadian dollar has fallen to $0.68 against the greenback.
“So this is not something to panic or freak out about as long as it doesn’t go on for infinity,” said Schwartz.
14 minutes ago
Trump nominee says allies have to spend 5% GDP on defence
Alexander Panetta
There’s a reminder on Capitol Hill today that trade isn’t the only area where Canada will find itself squeezed. It’s also being pressed to increase, massively, its defence spending.
While the economy is driving most of today’s headlines, there are also Senate confirmation hearings for several Trump military and diplomatic nominees.
One of them is Trump’s pick for U.S. ambassador to NATO, Matthew Whitaker. He said he’s happy American allies are committed to doing more — but he said words don’t count. Actions will.
And he set an eye-watering defence spending target: five per cent of GDP, almost triple Canada’s current level and more than double the longstanding target it has yet to meet.
If acted upon, that would represent tens of billions in additional Canadian defence spending.
“NATO allies must meet their obligations. The United States will no longer subsidize nations that refuse to pay their fair share,” Whitaker said.
“That is why, if confirmed, I will work to advance a policy of peace through strength by ensuring that all NATO members meet a minimum defence spending level of five per cent.”
17 minutes ago
B.C. also pulling U.S. alcohol off shelves – well, if it comes from a red state
Jan Zeschky
Like other provinces, B.C. is pulling U.S. alcohol off the shelves. But there’s a twist out west, as Premier David Eby’s plan targets Kentucky bourbon, but not California wine.
“We understand who is attacking us. We understand where this is coming from. We want to send a message particularly to those governors, to those congresspeople,” Eby said in announcing the retaliatory measure.
Eby’s message was one of resiliency — optimism, even — as he described the province’s strengths.
“We are strong, we are tough, we are resilient, we are exceptional and we are ready to meet this moment. We are situated in a place that faces the major markets of the world across the Pacific. We’re the gateway to the Pacific for the entire country.”
27 minutes ago
Trudeau and premiers meeting this afternoon to get on same page
Catharine Tunney
Prime Minister Justin Trudeau is convening virtually with the country’s premiers this afternoon following the White House’s decision to place a 25 per cent tariff on most Canadian goods and a 10 per cent on oil and gas products.
The federal government has already responded with a first round of counter-tariffs on $30 billion of U.S. products, including orange juice, peanut butter, wine, spirits, beer, coffee, appliances, apparel, footwear, motorcycles, cosmetics and certain pulp and paper products.
The provinces and territories are also responding, with many vowing to remove American booze like bourbon from the shelves.
The meeting will likely be a moment to make sure the country’s political leaders are a unified front.
The provincial governments haven’t always seen eye to eye on how to respond to Trump. But there are early signs they are willing to put their differences aside.
Alberta Premier Danielle Smith, not a fan of the federal Liberals, said Tuesday she “fully supports the federal response.”
The meeting is behind closed doors, but details often find a way of leaking out.
36 minutes ago
Legault outlines how tariffs will hit Quebec
John Rieti
Quebec Premier François Legault addresses U.S. tariffs
Legault is expected to announce measures to counter 25 per cent tariffs imposed by the United States.
Quebec Premier François Legault is holding a live news conference. You can watch live in the player above.
Legault has estimated the province could lose up to 160,000 jobs with the 25 per cent tariffs, which are expected to hit the province’s metals and manufacturing industries hard.
“We must absolutely redraw Quebec’s economy,” he said.
Get more on that story here.
39 minutes ago
Alberta’s Smith: U.S. tariffs are ‘unjustifiable economic attack’
Natasha Riebe
Alberta Premier Danielle Smith says U.S. tariffs are “an unjustifiable economic attack on Canadians and Albertans” that represent a clear breach of the Canada-U.S.-Mexico free trade agreement.
“These tariffs will hurt the American people, driving up costs for fuel, food, vehicles, housing and many other products,” Smith said in a statement on Tuesday.
“They will also cost hundreds of thousands of American and Canadian jobs. This policy is both foolish and a failure in every regard.”
In her statement, Smith said Alberta “fully supports the federal response.” She said she will meet with her cabinet on Tuesday and Wednesday to discuss Alberta’s response and announce the details on Wednesday.
44 minutes ago
Atlantic Canada’s tariff response
John Rieti
Here’s where you can find the latest on the tariff response from Canada’s East Coast:
Newfoundland and LabradorNova ScotiaNew BrunswickPrince Edward Island49 minutes ago
Poilievre says he’s not ‘a MAGA guy’
Catharine Tunney
Poilievre says he is not a ‘MAGA guy,’ and is ‘Canada first’
Responding to a question about U.S. President Donald Trump’s comments that Canada’s Conservative leader is not a ‘MAGA guy,’ Pierre Poilievre says he is only for Canada and added that Canada will never be the 51st state.
Conservative Leader Pierre Poilievre says he agrees with U.S. Donald Trump in at least one matter: that he’s not a MAGA guy.
In an interview last week, Trump was asked whether Poilievre’s Conservatives can still pull off a win in the next election, despite the tightening polls.
“I think his biggest problem is he’s not a MAGA guy, you know? I mean, he’s really not. He’s not a Trump guy at all,” the U.S. president said. “Pierre, I just don’t know. I don’t like what he’s saying about me. It’s just not positive about me.”
Asked about the comments during a news conference Tuesday, Poilievre said he doesn’t work for Trump.
“The president says he doesn’t like me, he doesn’t think I’m a MAGA guy. It is true, I am not,” he said.
“I’m only for Canada.”
For months now, the Liberal Party has launched repeated attacks against Poilievre, trying to tie his Conservatives to Trump and other far-right political factions.
54 minutes ago
Trump fires back at Trudeau, threatens more tariffs
Alexander Panetta
U.S. President Donald Trump has responded, as expected, to the extraordinary news conference in Ottawa.
He again referred derisively to Canada’s prime minister as a state governor. And threatened more tariffs, likely next month.
Trump posted the following on his social media site, Truth Social: “Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!”
This is a reference to a later phase of Trump’s tariff program. He’s promising steel and aluminum levies next week. Then, starting next month, he intends a broad, worldwide program of imposing tariffs on countries for trade practices he deems unfair.
1 hour ago
Poilievre outlines his own tariff plan
Catharine Tunney
FULL SPEECH | Poilievre says ‘Canada will fight back’ against U.S. tariffs
Conservative Leader Pierre Poilievre, speaking on Tuesday about the U.S. imposing 25 per cent tariffs on almost all Canadian goods, outlined how he thinks the federal government should respond, including with counter-tariffs. ‘President Trump stabbed America’s best friend in the back’ when he imposed these tariffs, Poilievre said.
Conservative Leader Pierre Poilievre outlined a multi-point plan for how he’d react to the tariffs if elected prime minister.
“I’m here with a message of hope,” he said.
For starters, he said he’d retaliate on goods Canada can make itself, goods the country can import from places other than the U.S. and ”goods we don’t need.”
He’s also promising a “bring it home tax cut” on work, investment, energy and homebuilding.
“The idea is to neutralize the cost of the tariffs with lower taxes and incentivize massive new investments,” he said.
Poilievre also repeated calls to dump the carbon tax and build more pipelines and energy projects in Canada.
All signs suggest Canadians will find themselves in the midst of a general election in the coming weeks.
Polls suggest the gap between Poilievre’s Conservatives, who had enjoyed a 20-point lead for more than a year, and the Liberals is closing.
You can watch Poilievre’s full speech in the player above.
