The president of the USA, Donald Trump, revealed in his social truth account that he is imposing an additional tariff of 25%, up to 50%, on the imports of aluminum and steel from Canada to the USA. He added that he will enter into force on the morning of March 12.
Trump’s condition to eliminate tariffs is that Canada eliminates agricultural tariffs from 250% to 390% on several US dairy products, as shown in its publication. He added that he would declare a national emergency in electricity in New York, Michigan and Minnesota after the Ontario Premier imposed 25% tariffs on electricity.
In addition, threatens to apply tariffs on cars on April 2.
Market reaction
The USD/CAD rose from 1,4410 to 1,4477 before exceeding the psychological figure of 1,4500, with buyers looking at the March peak in 1,4542.
Canadian dollar today
The lower table shows the change percentage of the Canadian dollar (CAD) compared to the main currencies today. Canadian dollar was the strongest currency against the Canadian dollar.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.77% | -0.43% | 0.03% | 0.55% | 0.12% | 0.01% | -0.20% | |
| EUR | 0.77% | 0.36% | 0.84% | 1.33% | 0.90% | 0.79% | 0.59% | |
| GBP | 0.43% | -0.36% | 0.61% | 0.97% | 0.55% | 0.43% | 0.24% | |
| JPY | -0.03% | -0.84% | -0.61% | 0.49% | 0.06% | -0.06% | -0.24% | |
| CAD | -0.55% | -1.33% | -0.97% | -0.49% | -0.42% | -0.54% | -0.73% | |
| Aud | -0.12% | -0.90% | -0.55% | -0.06% | 0.42% | -0.10% | -0.30% | |
| NZD | -0.01% | -0.79% | -0.43% | 0.06% | 0.54% | 0.10% | -0.19% | |
| CHF | 0.20% | -0.59% | -0.24% | 0.24% | 0.73% | 0.30% | 0.19% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the Canadian dollar of the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the CAD (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
