Donald Trump’s latest round of tariffs went into full effect at midnight Eastern Time Wednesday morning, with a flat rate on most countries and dozens of nations facing even higher import taxes. Many Asian and European shares slid in Wednesday trading, with Japan’s Nikkei index closing four-per-cent lower after launch of the latest set of U-S tariffs, including a massive 104 per cent levy on Chinese imports. But Chinese markets advanced after regulators appeared to intervene, urging state-owned companies to buy shares. (2)
Also as of midnight Eastern on Wednesday, Canada amped up its retaliatory measures against the Trump administration’s tariffs. While Canada isn’t being targeted by the American president’s so-called “reciprocal” tariffs, we are being hit by tariffs on autos, steel and aluminum — and still face the ongoing threat of economywide tariffs Trump is linking to fentanyl controls at the border. Ottawa added to its retaliatory measures at midnight by implementing similar tariffs on vehicles imported from the U-S. But unlike the American duties, Canada will not tariff auto parts, or Mexican vehicles and components.
