President Donald Trump declared a national emergency in electricity in the United States and doubled the rates for aluminum and steel from Canada after retribution rates from the American neighbor to the north.
The president, in a long position on his social account on Tuesday, also threatened to 'permanently close' Canadian automotive sector.
The only thing to stop his rates is that Canada becomes the 51st state, he noticed as he increases his trade war.
In response, the stock market fell more than 500 points.
The increase in rates, from 25% to 50%, will resign on Wednesday, he said.
'Based on Ontario, Canada, with a rate of 25% on' Electricity 'that enters the United States, I dedicated my trade secretary to add an extra rate of 25%, up to 50%, over all the steel and aluminum that comes from Canada from Canada, one of the highest tariffs all over the world,' Trump.
“I will soon explain a national emergency situation in the endangered area,” he added.
On Monday, Ontario Prime Minister Doug Ford brought a rate of 25% on Canadian electricity to Michigan, New York and Minnesota on Monday in response to previous rates from Trump.
Ford, a conservative politician who runs the most densely populated province of Canada, says that he is ready to 'completely close the electricity' if America continues to 'escalate'.
President Donald Trump increases the trade war with Canada
Trump also warned that there will be more car rates on 2 April. He wants Canada to lower his retaliation rates for American dairy and agricultural products.
“If other serious, long time rates are not fallen in the same way by Canada, I will considerably raise the rates for cars that come to the US on 2 April, which will essentially close the car manufacturer in Canada,” he said.
He closed with an offer to drop all rates when Canada agrees to become the 51st state of the United States.
'The only thing that makes sense is that Canada is our cherished fifty first. This would completely disappear all rates, and everything else, “he wrote.
The markets have shown their accident with the economic decisions of Trump.
On Monday there was fears that a recession would be fueled when the markets refuel, which resulted in the biggest loss of Nasdaq Composite since 2022.
Trump's Helling War Helling War with Canada comes after the retaliation of Ottawa to American rates imposed last week.
He gets the chance to defend his final round of rates when he speaks with the Business Roundtable, a Trade Association of CEOs on Tuesday evening.
He has argued that his rates are a transition, but also do not exclude a potential recession.
“I hate to predict things like that,” Trump said on Sunday morning Futures of Fox News Channel
'There is a period of transition, because what we do is very big. We bring wealth back to America. That's a big thing. And there are always periods – it takes a while. It takes some time. But not me – I think it should be great for us. I mean, I think it should be great. '
Although Trump has said that the rates are aimed at stopping fentanyl trade in the United States, they have had a rapid impact on the stock market and economy.
By continuing in his combative rhetoric against Canada since the reconsidered office, Trump accused the departing Prime Minister Justin Trudeau of the use of the drama around their tariff war this week to try to 'stay in power'.
Trudeau announced his resignation in January, but in an explosive call on Wednesday between the two leaders, Trump claimed that he hit his northern counterpart.
'Justin Trudeau, from Canada, called me to ask what rates could be done. I told him that many people died of Fentanyl who came through the borders of Canada and Mexico, and nothing has convinced me that it has stopped, “Trump wrote about Truth Social.
“He said it got better, but I said:” That's not good enough. “He went on.
Ontario Premier Doug Ford followed a promise to place a rate of 25% on Canadian electricity to Michigan, New York and Minnesota on Monday
Trump now explains a national emergency situation in electricity
Incoming Canadian Prime Minister Mark Carney has sworn to hire Trump
On Sunday, Mark Carney was elected the new head of the Canada's Labor Party, which means he stands in line to be the next prime minister.
He promised to accept Trump.
“America is not Canada, and Canada will never be part of America, form or form,” he said in his victory speech.
“We didn't ask for this fight, but Canadians are always ready when someone else drops the gloves.”
