Topline
President Donald Trump said Friday he might impose reciprocal tariffs on some Canadian goods as soon as today, the latest development in his trade war with U.S. neighboring countries after a head-spinning week in which he imposed a 25% tax on Mexican and Canadian goods—then delayed most of the levies for a month.
US President Donald Trump speaks from the Oval Office of the White House in Washington, DC, on March … [+] 7, 2025. (Photo by JIM WATSON/AFP via Getty Images)
Key Facts
Trump said Friday from the Oval Office he would target Canadian lumber and dairy products with new tariffs “as early as today” or Monday or Tuesday, accusing the country of “taking advantage of our farmers” by charging steep tariffs on the products coming from the U.S.
Trump has long taken issue with the tariffs Canada charges on dairy products—ranging from 241% for fluid milk to 299% for butter, according to Politifact—and said Friday Canada will “be met with the exact same tariff unless they drop it.”
The announcement marks yet another turn, in a matter of days, in Trump’s tariff plans: he imposed a 25% tariff on Mexican and Canadian goods on Tuesday, announced an exemption for the auto industry on Wednesday, then on Thursday delayed the taxes until April 2 for products traded under the United States-Mexico-Canada Agreement.
While Trump has spoken in generally positive terms about his negotiations with Mexican President Claudia Sheinbaum, Canadian Prime Minister Justin Trudeau and Trump have exchanged harsh words amid the trade war—Trump accused Trudeau of “using the Tariff problem, which he has largely caused, in order to run again for Prime Minister,” in a Thursday post on Truth Social, while Trudeau has called Trump’s tariffs “very dumb.”
A Wednesday phone call between Trudeau and Trump also turned heated, according to The Wall Street Journal, citing an unnamed source who said it included “profanity,” while Trump said the call ended in a “somewhat friendly” manner.
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Crucial Quote
“The tariffs could go up as time goes by. They may go up. And I don’t know if it’s predictability,” Trump said in an interview with Fox Business released Friday, after host Maria Bartiromo told Trump “I think CEOs want to see predictability” and pressed him for “clarity” on his plans.
Key Background
Trump has cited his desire for more border controls from Mexico, Canada and China plus additional measures to stem the flow of fentanyl into the U.S. in enacting the tariffs. In addition to the back-and-forth over Canadian tariffs, Trump also imposed a new 10% tax on Chinese imports on Tuesday (that he left in place), on top of the 10% levy assessed earlier this year. All three countries said they would take retaliatory measures. Canada announced a 25% tariff on $20.7 billion USD worth of U.S. goods that officials said would stay in place despite Trump’s decision Thursday to delay the taxes for a month, though Canada cancelled a second round of retaliatory tariffs that would have taken effect three weeks later. China said it would increase import duties by 10-15% on several key American agricultural food products and expand export controls on 15 U.S. firms.
Tangent
The three major stock market indexes were on track for their worst weeks this year amid the tariff turmoil and a weaker-than-expected jobs report released Friday.
Further Reading
Trump Delays Mexico, Canada Auto Tariffs For One Month—Here’s How The New Levies Could Impact Prices (Forbes)
Trump Bails On Most Mexico And Canada Tariffs For 1 Month (Forbes)
Trump Exempts Carmakers From Canada And Mexico Tariffs For One Month (Forbes)