President Donald Trump announced on Truth Social Tuesday that he is ordering an even greater escalation of tariffs against Canada, with a 25 to 50 percent tax on steel and aluminum imports from that country, effective Wednesday.
This comes in retaliation to the Canadian province of Ontario instituting its own 25 percent tariff on electricity exports to Minnesota, Michigan and New York, which was a salvo against Trump's initial trade war measures on the country.
"Also, Canada must immediately drop their Anti-American Farmer Tariff of 250% to 390% on various U.S. dairy products, which has long been considered outrageous," Trump wrote in his announcement. "I will shortly be declaring a National Emergency on Electricity within the threatened area. This will allow the U.S to quickly do what has to be done to alleviate this abusive threat from Canada."
Trump threatened even further actions may be taken in the near future: "If other egregious, long time Tariffs are not likewise dropped by Canada, I will substantially increase, on April 2nd, the Tariffs on Cars coming into the U.S. which will, essentially, permanently shut down the automobile manufacturing business in Canada. Those cars can easily be made in the USA! Also, Canada pays very little for National Security, relying on the United States for military protection. We are subsidizing Canada to the tune of more than 200 Billion Dollars a year. WHY??? This cannot continue."
"The only thing that makes sense is for Canada to become our cherished Fifty First State," Trump added, repeating a demand he has made several times and that Canada has rejected as ridiculous. "This would make all Tariffs, and everything else, totally disappear. Canadians’ taxes will be very substantially reduced, they will be more secure, militarily and otherwise, than ever before, there would no longer be a Northern Border problem, and the greatest and most powerful nation in the World will be bigger, better and stronger than ever — And Canada will be a big part of that."
"The artificial line of separation drawn many years ago will finally disappear, and we will have the safest and most beautiful Nation anywhere in the World — And your brilliant anthem, 'O Canada,' will continue to play, but now representing a GREAT and POWERFUL STATE within the greatest Nation that the World has ever seen!" Trump continued.
The Dow Jones plunged even further in response to Trump's announcement, with shares trading 500 points below the opening bell as of press time.
