A White House official confirmed late Tuesday that US President Donald Trump’s proposed 25% tariffs on all steel and aluminum imports will be added to existing tariffs on Canadian goods, resulting in a total levy of 50%.
According to a government source who spoke to Reuters, Canada has not yet been formally notified about the potential “tariff stacking” but noted that the development “sounds plausible.”
Earlier this month, Trump had already implemented 25% tariffs on a wide range of Canadian products, though those tariffs were temporarily suspended for 30 days last week.
Market Response
At the time of publication, the USD/CAD currency pair was trading 0.03% higher, reaching a rate of 1.4292.