Wall Street Rattled Again As Donald Trump Pledges To Double Tariffs On Canadian Steel And Aluminum​on March 11, 2025 at 3:56 pm

Donald Trump escalated his trade war with Canada again today, promising to double the tariffs on aluminum and steel. Wall Street jitters over the White House economic policy continued again, as the Dow Jones Industrial Average was off by more than 300 points in morning trading. Trump’s latest tariff was in response to a 25% […]Donald Trump escalated his trade war with Canada again today, promising to double the tariffs on aluminum and steel. Wall Street jitters over the White House economic policy continued again, as the Dow Jones Industrial Average was off by more than 300 points in morning trading. Trump’s latest tariff was in response to a 25%   

Donald Trump escalated his trade war with Canada again today, promising to double the tariffs on aluminum and steel.

Wall Street jitters over the White House economic policy continued again, as the Dow Jones Industrial Average was off by more than 300 points in morning trading.

Trump’s latest tariff was in response to a 25% surcharge in the price of electricity coming into the United States from the Canadian province of Ontario.

Trump wrote on Truth Social, “Based on Ontario, Canada, placing a 25% Tariff on “Electricity” coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD. This will go into effect TOMORROW MORNING, March 12th.”

The premier of Ontario, Doug Ford, said on CNBC that “this chaos has to stop.”

“Until President Trump gets rid of the tariffs 100%, we sit down at the table and discuss a new USMCA deal, all it is doing is hurting the markets,” he said.

He added, “President Trump did an unprovoked attack on our country, and that is unacceptable.”

Ford told MSNBC that “if we go into a recession, it’s self-made by one person. It’s called President Trump’s recession, which shouldn’t be this way. We should be booming, both countries right now.”

Trump is scheduled to address the Business Roundtable later today.

The combination of tariffs and the threat of tariffs has taken a toll on many economists’ economic outlook. That is combined with the widespread layoffs of federal workers and cuts to government spending.

Trump also threatened to impose tariffs on cars coming into the United States, while reiterating that Canada should become the 51st state.

“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,” Trump wrote.