Live updates: Trump imposes tariffs on Canada, Trudeau retaliates ahead of press conference
'Let me be unequivocally clear — there is no justification for these actions,' said Prime Minister Justin Trudeau in a statement.
In response, Trudeau has retaliated against the U.S. with a 25 per cent tariff against $30 billion worth of American goods, with another $125 billion prepared to be levied in three weeks if the situation persists.
'Our tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,' continued Trudeau in his statement. 'While we urge the U.S. administration to reconsider their tariffs, Canada remains firm in standing up for our economy, our jobs, our workers, and for a fair deal.'
The prime minister is set to speak on the issue today at 10:30 a.m., as tensions continue to rise between the two long-time North American allies. It's expected that the tariffs will lead to higher inflation as prices rise, along with the ability to impact economic growth and lead to devastating consequences for job security on both sides of the border.
You can watch Trudeau's press conference here, and follow along for any other live updates from Yahoo Canada as we track the latest news, analysis and developments.
Ontario Premier Doug Ford will speak today at Queen's Park in Toronto at 11:30 a.m. ET. after U.S. President Donald Trump imposed tariffs on Canada.
A day earlier, Ford said his provincial government will take retaliatory measures into their own hands as well, with the threat of cutting off the flow of electricity to several U.S. states.
"If they want to try to annihilate Ontario, I will do anything, including cutting off their energy — with a smile on my face," said Ford.
"They need to feel the pain. They want to come at us hard? We've got to go back twice as hard."
BREAKING: Ontario, Canada's Premier Doug Ford just threatened to cut US electricity to several American states if Trump's tariffs go into effect:"If they want to try to annihilate Ontario, I will do anything , including cutting off their energy, with a smile on my face."This… pic.twitter.com/41PkAZRcl8
— Brian Krassenstein (@krassenstein) March 3, 2025
Swiss chocolate maker Lindt & Spruengli is shifting more of its production of truffles and other confections to Europe as it looks to sidestep Canada's counter-tariffs imposed on the US.
Reuters reports:
CEO Adalbert Lechner said Lindt was taking action to prevent its business in Canada, one of its top ten markets, from being caught in the cross fire of the trade conflict.
"The volumes that we source currently for Canada can all be shifted to Europe," Lechner said after Lindt reported its full-year results.
At present 50% of the company's chocolates in Canada came from the U.S., and the rest from Europe.
"We are able to source 100% from Europe," Lechner told Reuters.
Read more here.
The Financial Post reports:
Two thirds of businesses say they can withstand a tariff war with the United States that lasts more than a year, according to a new survey released on Tuesday by KPMG in Canada.
Joy Nott, a partner in KPMG's customs and international trade practice, says companies have already put strategies in place to limit the tariff risk in their operations.
'A lot of companies have taken months and months of inventory and they've transferred it to the United States already,' said Nott. 'So I'm talking to companies who have maybe moved six to eight months worth of inventory to the United States, which normally that stuff would have been stored in Canada and shipped across as needed.'
Read more here.
Ontario Premier Doug Ford will speak today at Queen's Park in Toronto at 11:30 a.m. ET. after U.S. President Donald Trump imposed tariffs on Canada.
A day earlier, Ford said his provincial government will take retaliatory measures into their own hands as well, with the threat of cutting off the flow of electricity to several U.S. states.
"If they want to try to annihilate Ontario, I will do anything, including cutting off their energy — with a smile on my face," said Ford.
"They need to feel the pain. They want to come at us hard? We've got to go back twice as hard."
BREAKING: Ontario, Canada's Premier Doug Ford just threatened to cut US electricity to several American states if Trump's tariffs go into effect:"If they want to try to annihilate Ontario, I will do anything , including cutting off their energy, with a smile on my face."This… pic.twitter.com/41PkAZRcl8
— Brian Krassenstein (@krassenstein) March 3, 2025
Swiss chocolate maker Lindt & Spruengli is shifting more of its production of truffles and other confections to Europe as it looks to sidestep Canada's counter-tariffs imposed on the US.
Reuters reports:
CEO Adalbert Lechner said Lindt was taking action to prevent its business in Canada, one of its top ten markets, from being caught in the cross fire of the trade conflict.
"The volumes that we source currently for Canada can all be shifted to Europe," Lechner said after Lindt reported its full-year results.
At present 50% of the company's chocolates in Canada came from the U.S., and the rest from Europe.
"We are able to source 100% from Europe," Lechner told Reuters.
Read more here.
The Financial Post reports:
Two thirds of businesses say they can withstand a tariff war with the United States that lasts more than a year, according to a new survey released on Tuesday by KPMG in Canada.
Joy Nott, a partner in KPMG's customs and international trade practice, says companies have already put strategies in place to limit the tariff risk in their operations.
'A lot of companies have taken months and months of inventory and they've transferred it to the United States already,' said Nott. 'So I'm talking to companies who have maybe moved six to eight months worth of inventory to the United States, which normally that stuff would have been stored in Canada and shipped across as needed.'
Read more here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Brazil chooses local relief over retaliation for US tariffs, sources say
By Marcela Ayres, Bernardo Caram and Lisandra Paraguassu BRASILIA (Reuters) -Brazil's government has set aside for now plans for direct retaliation against steep U.S. tariffs taking effect this week, focusing instead on a relief package for industries hit hardest by the levies, sources familiar with the strategy said. Wide-ranging exemptions granted in U.S. President Donald Trump's executive order last week spared some of the most vulnerable sectors of Latin America's largest economy, to the relief of many investors and business leaders. That has left Brasilia cautious about responding to Trump with reciprocal tariffs or other retaliation that could escalate tensions, said government officials, who requested anonymity to discuss confidential deliberations. Talks with Washington are likely to be slow and complex, said one of the sources, so Brazil's government is prioritizing immediate relief for exporters, such as through public credit lines and other support for export finance. Another official said the government is studying potential responses to the tariffs that would affect U.S. companies, but sees them as a last resort if negotiations fail. Those potential countermeasures, now under review, could include suspension of royalty payments for pharmaceutical patents and media copyrights, two sources said. The government had also signaled last year that it was preparing a new tax that could affect big U.S. tech companies, but shelved the plan this year to avoid antagonizing Trump ahead of his April tariff announcement. At the time, Brazil was saddled with a 10% tariff, among the lowest in the world, which many credited to a longstanding U.S. trade surplus with Brazil. Trump then tied a steeper 50% tariff in July to what he called a political "witch hunt" against former President Jair Bolsonaro, a right-wing ally on trial for an alleged coup plot to overturn his 2022 election loss. Brazilian President Luiz Inacio Lula da Silva initially said he would respond under the country's Economic Reciprocity Law, passed by Congress to provide legal grounds for countermeasures against trade sanctions, fueling speculation about retaliation. Talk of reciprocal action has since faded, even as Lula criticizes Trump's rationale for the tariff hike, defending the independence of Brazil's judiciary and insisting any negotiations should remain strictly focused on trade. U.S. tariff exemptions granted last week for Brazil's aviation, energy and mining industries were taken in Brasilia as evidence that patient diplomacy and lobbying by affected U.S. companies seeking relief was the best way to get results in Washington. Brazil also said it plans to file a formal complaint at the World Trade Organization over the tariffs, even though that dispute settlement system has been stalled since the first Trump administration. "You still need to go through the available channels," one Brazilian official said, while acknowledging that a resolution is unlikely under the current state of the WTO. More immediately, the government is fine-tuning measures to shield sectors most hurt by the U.S. tariffs set to take effect on Wednesday, extending financial relief to companies already facing canceled contracts. Officials have said the package will likely include credit lines and possible tweaks to the export credit insurance and export financing mechanisms, according to one of the sources. Finance Minister Fernando Haddad, who said relief measures could begin rolling out this week, on Friday said the government was never committed to retaliating against Washington. "We never used that verb to characterize the actions the Brazilian government will take," he said. "These are actions to protect sovereignty, to protect our industry, our agribusiness, our agriculture," he told reporters. "That word (retaliation) was not present in the president's speech, nor in any minister's." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26 minutes ago
- Yahoo
Trump Slaps Tariffs, Modi Fires Back -- Is India Breaking Away from the US?
Indian Prime Minister Narendra Modi isn't backing down. Days after President Donald Trump slapped a surprise 25% tariff on Indian exports and warned of more action over India's oil ties with Russia, Modi doubled down on his buy local message. He urged citizens to prioritize Indian-made goods, while sources familiar with the matter told Bloomberg that New Delhi hasn't ordered refiners to stop buying Russian crude. Instead, refinersboth public and privateare still choosing suppliers based on commercial logic. The backdrop: Trump is ramping up pressure on India for its energy and diplomatic relationship with Moscow, just as global markets remain uneasy over war financing and shifting trade alliances. Warning! GuruFocus has detected 9 Warning Signs with GS. The rhetoric is heating up fast. Trump's team has accused India of cheating the US on trade and immigration, and signaled that all options are on the table to respond to its Russian oil purchases. But while the public messaging may sound tough, India isn't giving up much. Officials said US trade talks are still on, but they won't open up politically sensitive sectors like agriculture and dairy. And recent dealslike the one India just signed with the UKsuggest that Modi's government is moving at its own pace, carefully protecting domestic interests even while staying at the negotiating table. The pushback highlights how India, now the world's fastest-growing large economy, is becoming less willing to compromise under outside pressure. Despite the rising tension, markets aren't panicking. Indian equities climbed on Monday, while the rupee and government bonds also strengthened. The boost came after oil prices dropped sharplythanks to OPEC+ signaling it could raise output in Septemberwhich is a major win for India, a net fuel importer. While Indian refiners are preparing fallback plans in case Russian crude becomes unavailable, there's no sign of a near-term disruption. India is signaling it may not easily yield to pressure, even from a key partner. For global investors watching this unfoldincluding those with exposure to geopolitical-sensitive names like Tesla (NASDAQ:TSLA)India's balancing act between Washington and Moscow could become a defining theme for emerging market strategy in the months ahead. This article first appeared on GuruFocus.
CNBC
29 minutes ago
- CNBC
27-year-old first-grade teacher lived paycheck to paycheck due to impulsive spending: ‘It became so stressful'
Maddie Baker, 27, will be the first to admit she was an impulsive spender when she started teaching kindergarteners six years ago. She bought coffee at least once a day, frequently shopped for new clothes and spent lavishly on vacations she says she "probably had no business going on." "Any day that I had a hard day at teaching, I would immediately go from my job to a store," the now first-grade teacher tells CNBC Make It. "The way I was coping with hard days was by spending money." Baker isn't alone. Almost half of American consumers say they make purchases to boost their mood, according to LendingTree survey data released in July. Emotional spending isn't always bad, either. It can provide temporary comfort or a needed mood boost. However, it can also lead to financial strain. Baker says her impulsive spending got so out of hand, she found herself in "horrible cycles" of living paycheck to paycheck to avoid going into credit card debt. Nationally, almost three-quarters of emotional shoppers admit they've spent more than they intended, and 44% say it's negatively impacted their financial well-being, LendingTree found. It took Baker three years to get her spending under control, she says. Today, she's very intentional with how she spends her money and has even developed new hobbies from habits she's built to save money. "I remember just waking up every single day, and the stress of finances was just really getting me down," says Baker, who was making around $50,000 a year at the time. "It became so stressful." Nearly Baker's entire paycheck would go directly toward paying off her credit card. Because she was paid once a month, that often left her with little to live on — forcing her to rely on the card for new expenses and trapping her in a constant cycle of borrowing from herself. She tried everything to earn extra cash. She tutored kids during her summer breaks, tried selling her clothes and donating her plasma, but none of it seemed to sustain her lifestyle, she says. Baker got her spending under control three years into teaching through a tax refund that allowed her to pay off her credit card bill without using her paycheck. Now, she keeps enough in her checking account to pay her credit card bill every month without having to rely on an incoming paycheck. "It took a total restart and being tired of the cycle I was in, in order to do something about it," she says. Young adults are particularly susceptible to overspending when they're online or bombarded with bad news, Ylva Baeckström, a senior lecturer in finance at King's Business School, said in 2024. Overwhelming feelings can lead to unhealthy spending habits as a way to cope or find relief, Baeckström said. To avoid overspending, "one of the biggest things you can do is take a beat," Keith Barron, a personal finance expert and former head of marketing at Jenius Bank, said in 2024. Rather than heading straight to checkout when shopping online, try adding the item to a wish list and waiting a day or two. This brief delay can help you decide whether you genuinely want or need the item, Barron said. Today, Baker is working toward building an emergency fund and saving for a house, and says she's way more intentional about what she decides to spend money on. On top of learning how to spend less impulsively, she says she's found alternatives to save money and a side hustle creating videos on TikTok to bring in more income. Her silver lining: Many of the activities that started as a way to save have become hobbies as well. She enjoys painting her own nails, making lattes at home and meal prepping to avoid eating out. On TikTok, she earns up to $2,000 a month from sharing videos about her life as a teacher. "All of these things happened because I had the mindset of, 'I need to save more money, and I need to spend less money,'" she says.
