Trump Escalates Tariffs on Canada Amid Economic Concerns
President Trump plans to double tariffs on steel and aluminum from Canada to 50%, intensifying the trade conflict and impacting the stock market.
The president’s proclamation further rattled uneasy stock markets, with the Dow Jones Industrial Average plummeting nearly 600 points before regaining some ground in late-morning trading.
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The financial-services giant is among a growing collection of those voicing fears about an economic downturn in America's immediate future, prompted by the administration's tariff policies, the associated stock market volatility and, most recently, equivocal comments from President Donald Trump on the possibility of a recession.
Chances of a Trump recession just got a lot higher, analysts say
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In a shock move that has jolted markets, the US president says he is doubling the tariff, which had previously been inked in at 25%, in retaliation for Ontario adding a 25% surcharge on electricity it sends to US states (which was in retaliation to earlier Trump tariffs).
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Stocks plunged on Monday, continuing three consecutive weeks of losses, with the technology-laden Nasdaq Composite marking its worst day since September 2022.
Dow futures inch higher after recession fears fuel plunge
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The Journal has been sharply critical of Trump’s economic policies, Cabinet selections and executive orders during his first two months in office.
Wall Street Journal warns there could be a coming ‘Trump recession’
The Hill·9d·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.After a brutal stock market selloff because of his tariff threats, President Donald Trump faces pressure on Tuesday to show he has a legitimate plan to grow the economy instead of perhaps pushing it into a recession.
Trump doubles planned tariffs on Canadian steel and aluminum to 50% as trade war intensifies
Associated Press·9d·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.However, the move is somewhat symbolic as New York state obtained less than 5% of its power from Canada in 2023, with Minnesota and Michigan importing even less, Bloomberg reported.
Ontario's Doug Ford slaps 25% surcharge on US electricity exports in response to Trump tariff threat
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Investors in general are throttling back their expectations for stocks amid growing uncertainty and as Trump signals he will be less focused on equities than in his first term.
Stocks open lower Tuesday as 2025 sell-off continues
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Despite the recent selloff, the S&P 500 index is still up 10% over the past year, Yaros said.
Will there be a recession in 2025? It's up to Trump, economists say.
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Delta cuts its first-quarter earnings outlook so dramatically that I wonder if the resilient travel theme is finally busted over uncertainty.
Jim Cramer's top 10 things to watch in the stock market Tuesday
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As both the rug-pull president and the first crypto president, he's the perfect leader for an era of fast-twitch trading, rather than long-term investing.
Trump trading, for investors anyway, is not for the faint of heart
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Summary
President Donald Trump has announced plans to double tariffs on Canadian steel and aluminum to 50%, with immediate effects. This increase, cited as a response to Ontario's rising electricity costs, has ignited concerns of economic repercussions, driving a decline in the stock market. Economists warn of potential inflation and recession risks, reflecting heightened uncertainties surrounding trade policies. Trump's assurance of economic transitions contrasts traders' fears, highlighting tensions between domestic businesses and international relations. With analysts forecasting a slowdown, the administration faces pressure to stabilize the economy while pursuing its tariff agenda.
Perspectives
Trump's decision to double tariffs on Canadian steel and aluminum to 50% is framed as a retaliation against Ontario's increased electricity surcharge, raising concerns about market stability and potential economic downturns.
The stock market reacted negatively to Trump's tariff announcements, with signs of volatility as it grapples with uncertainty surrounding trade policies and their potential impact on the economy.
While Trump asserts that tariffs will benefit the U.S. by encouraging domestic manufacturing, economists warn that uncertainty could lead to higher consumer prices and discourage long-term investments.