Trump tariff fallout live: What Canadians need to know

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United States President Donald Trump Wednesday imposed reciprocal global tariffs on the trading partners that sent shock waves around the world and markets plunging.

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What did Trump announce?

Trump announced minimum tariffs of 10 per cent on all trading partners, scheduled to take effect on Saturday, but higher, individualized tariff rates will be implemented for certain countries on April 9.

Those higher tariffs include a 34 per cent tariff on China, a 20 per cent levy on imports from the European Union, a 25 per cent tariff on South Korea and a 32 per cent levy on Taiwan.

What tariff level did Trump impose on Canada?

The White House said Canada and Mexico remain under previous economy-wide duties the president has linked to the flow of fentanyl across the borders and are not subject to Trump’s latest tariffs.

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Goods compliant under the Canada-United-States-Mexico Agreement (CUSMA) will continue to be free of tariffs, but non-compliant goods face tariffs of 25 per cent, with a 10 per cent carveout for energy and potash. The 25 per cent tariffs on steel and aluminum are also still in place.

However, if the existing 25 per cent tariffs on Canadian goods are later axed, non-CUSMA-compliant goods would be only subject to a 12 per cent reciprocal tariff.

What’s next for Canada?

Prime Minister Mark Carney said Trump’s tariff regime will “fundamentally change the global trading system” but didn’t offer further details on Wednesday.

The prime minister said that while Canada wasn’t hit with the latest levies, it’s still subject to 25 per cent tariffs on steel and aluminum and 25 per cent duties on automobile imports which will come into force on Thursday.

The automobile tariffs have spread confusion throughout the deeply integrated North American auto market.

Tariffs live blog

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