Trump vows more Canada tariffs even as stock market continues sinking

President Donald Trump on Tuesday vowed to hit Canada with even more tariffs despite the fact that the current round has caused the stock market to sink for a second straight day.

Writing on his Truth Social page, Trump hit back at Canadian Prime Minister Justin Trudeau for implementing retaliatory tariffs against the United States.

"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!" he wrote.

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The United States imports significant amounts of lumber and oil from Canada, and a tariff of the magnitude Trump is discussing would drastically increase energy and home prices for American consumers.

Trump's tariffs have led to economists to significantly downgrade forecasts for economic growth in the coming months, as the Atlanta Federal Reserve on Monday projected that the economy would shrink by 2.8 percent in the first quarter of Trump's second term.