Trump Threatens New Tariffs on Canada, Again

President Donald Trump has threatened to impose new tariffs on Canada once more. This time, threatening new tariffs on Canadian lumber and dairy products. Trump announced this from the Oval Office on Friday.

According to CNN, Trump claimed Canada had been “ripping off” the United States for years in these sectors, citing a 250% tariff on U.S. dairy exports. “We’re going to charge the same thing. It’s not fair,” Trump stated, and added that he may do it as early as Friday, or “wait until Monday or Tuesday,” CNN reported.

CNN also reported that Canada’s Trade Minister, Mary Ng, swiftly rebutted, calling Trump’s claims “not true” and the proposed tariffs “completely unjustified.” This latest threat comes just a day after Trump announced a one-month pause on tariffs under the USMCA, which offered temporary relief to industries like agriculture and autos.

While the markets initially reacted negatively, the Dow ultimately closed up 222 points, buoyed by positive economic outlooks from the Federal Reserve. However, experts warn that prolonged tariffs could exacerbate the economic uncertainty, particularly affecting housing affordability due to lumber price hikes.