Prime Minister Justin Trudeau is expected to take questions later this morning about how Canada will respond in the face of sweeping tariffs imposed by U.S. President Donald Trump.
- Prime Minister Justin Trudeau to speak at 10:30 a.m. ET
- We’re expecting to hear from other federal leaders, provincial premiers later this morning.
- Some provinces are already rolling out retaliatory measures, including bans on U.S. booze.
- Markets are roiling in response to tariffs.
- 3 minutes agoJenna Benchetrit
- Shoppers might start feeling these tariffs sooner rather than later, according to Target CEO Brian Cornell. He told CNBC this morning that there could be price increases on strawberries, avocados and bananas in the coming days — produce that the company imports from Mexico, especially during the winter months.
- “The consumer will likely see price increases over the next couple of days,” Cornell said.
- 10 minutes agoJenna Benchetrit
- Business and industry leaders across Canada are coming out hard against the tariffs. Brian Kingston of the Canadian Vehicle Manufacturers’ Association warns they’ll inflict “significant damage to the highly integrated North American automotive industry,” a relationship 60 years in the making, he said.
- Dennis Darby, CEO of Canadian Manufacturers and Exporters, said the tariffs undermine the USMCA free trade agreement, and that they threaten the future “of the most successful economic relationship in the world.”
- And Goldy Hyder, president and CEO of the Business Council of Canada, called for the U.S. and Canada to work out any issues within the terms of the USMCA. He said the tariffs will hurt North American workers, farmers and families, especially in the U.S.
- 23 minutes agoCatharine Tunney
- Employment Minister Steven MacKinnon says the federal government is looking at ways to support workers who may find themselves out of a job, even temporarily, due to the tariffs.
- Speaking at an unrelated news conference on Tuesday, MacKinnon suggested Prime Minister Justin Trudeau will have more to say about supports when he speaks later this morning.
- CBC News will have live coverage of Trudeau’s remarks. You can watch in the player above.
- Previously, the government has suggested it would be able to adjust the criteria for programs like employment insurance to make sure workers in exposed industries are supported during these unpredictable times.
- 28 minutes agoJenna Benchetrit
- Trump lamented in a Truth Social post this morning that U.S. banks aren’t allowed to do business in Canada. It’s not the first time he’s made this claim — we fact-checked it just a few weeks ago.
- As one expert told me, U.S. banks can operate in Canada, but it’s more difficult for them to become major players, or what are known as Schedule I banks.
- Schedule I banks are Canadian-owned institutions that accept deposits — that’s often a dissuading factor for U.S. banks that don’t want to relinquish ownership. And Canada’s Big Six banks already have an entrenched network of loyal clients, making for tough competition.
- Read more here
- 34 minutes agoJohn Rieti
- If you’ve been doing your best to tune out the tariff headlines with hopes this day wouldn’t come to pass, don’t worry.
- CBC News has this breakdown of all things tariffs that covers the basics (what is a tariff? Who pays for them?) and the more complex parts of this issue (Can we cut the U.S. off from our energy?)
- 36 minutes agoSarah Leavitt
- Quebec Premier François Legault says the tariffs from the United States could mean job losses in the province to the tune of between 100,000 and 160,000.
- While he was more level than Ontario Premier Doug Ford in response to the Trump administration’s move, Legault would not rule out cutting off electricity exports to the U.S.
- The government has also announced it will offer short-term loans to businesses that apply, to help stave off the immediate impact of the tariffs.
- 39 minutes agoJohn Rieti
- President Donald Trump speaks in the Roosevelt Room of the White House in Washington, Monday, March 3, 2025. (AP)
- Probably only Trump himself knows what the goal is here.
- Publicly, the president has said he wants to punish Canada for a supposedly lax approach to drugs and migrants, even though data shows a border crackdown is already producing results and the flow of fentanyl south is limited.
- On Monday, he said:
- “Very importantly, tomorrow, tariffs, 25 per cent on Canada and 25 per cent on Mexico, and that will start. So, they’re gonna have to have a tariff,” Trump said.
- Asked if there’s anything Canada can do to try to hold off the tariffs, Trump said: “No room left for Mexico or Canada.”
- 43 minutes agoJohn Rieti
- Via Alexander Panetta in Washington: “Canada can huff, and puff, but if anything’s going to blow down Donald Trump’s house of tariffs, it’s going to be the reaction within the United States.”
- Specifically, the reaction of the stock market.
- Get more on that here.
- 45 minutes agoJohn Rieti
- Via Peter Armstrong in our business unit: “Stock markets plunged on the open today. The Dow fell 350 points at the opening bell. The S&P 500 fell 56 points (about one per cent).
- “Investors appear to be worried the tariffs will slow growth and drive down valuations.”
