A high-stakes meeting between Canadian and U.S. officials on Thursday ended without tariffs being removed, but Ontario Premier Doug Ford says the meeting went “very, very well” and that he’s feeling “very positive” as the two sides plan to meet again next week.

It’s Prime Minister Justin Trudeau’s last day in power, and his replacement, Mark Carney, said he’s ready to sit at the negotiating table with U.S. President Donald Trump so long as Canada’s sovereignty is respected.

In the Oval Office, Trump said Canada could keep its anthem if it became a state.

Meanwhile, the trade war continues. Trump’s 25 per cent tariffs on steel and aluminum are in effect, and so are Canada’s countermeasures on $30 billion-worth of U.S. goods.

Here’s how events played out Thursday:

7:30 p.m. EDT: Canada, U.S. ‘making progress,’ minister says

Champagne was pressed by reporters if the meeting resulted in any tangible changes.

“I would say the fact that we’re engaging is a tangible outcome,” he replied.

Champagne says they left the meeting with a better understanding of the Trump administration’s policies, adding that knowing “the rules of the game” will help Canada win the trade war.

When asked to describe the “vibe” of the meeting, Champagne repeated that it was “constructive,” but admitted that there were disagreements.

He insisted that as long as there was dialogue, “you’re making progress.”

Bryann Aguilar, CTV News Toronto

7:15 p.m. EDT: Ministers call meeting with U.S. officials ‘productive’

Both Leblanc and Champagne called the 90-minute meeting with Lutnick and other U.S. officials “productive.”

New U.S .trade representative Jamieson Greer was also at the meeting, he was also involved in the previous negotiations of the 2018 CUSMA agreement that Trump previously signed.

There is a clause in the CUSMA agreement to review the contract in 2026.

Canada’s U.S. Ambassador Kirsten Hillman says Greer will likely act as the “quarterback” for those talks.

Judy Trinh, CTV National News reporter

6:55 p.m. EDT: Canada, U.S. agree to maintain dialogue: LeBlanc

At a news conference at the Canadian embassy in Washington, LeBlanc and Champagne echoed Ford’s earlier remarks, saying that the meeting was “constructive.”

LeBlanc said the meeting gave him and other Canadian officials an opportunity to understand Trump’s “America first trade policy.”

“Obviously, we reiterated the long standing position of our government that the tariffs are unjustified, that we think it’s much more constructive to build a strong North American economy by working together, by dealing with issues as important as China and other issues that frankly should be dealt with by economic partners working together, not in the context of applying tariffs to one another,” LeBlanc said.

Bryann Aguilar, CTV News Toronto

5:45 p.m. EDT: Ford calls meeting with Lutnick ‘very civil’

Speaking to reporters after the meeting, Ford was asked if the U.S. will stop imposing tariffs on Canada and he replied: “No.”

“We were having very productive conversations, and it turned out very, very well,” Ford said. ”I just look forward to again, continue communicating next week.

“We got a lot on the table, back and forth, but it was very, very good, very civil, very going back and forth,” he added.

The meeting lasted for nearly two hours. Federal ministers Dominic LeBlanc and François-Philippe Champagne were also part of the Canadian contingent.

Ford added that another talk is set to take place next week.

Bryann Aguilar, CTV News Toronto

4:30 p.m. EDT: Despite tariff war, some U.S. residents vacationing up north

Every summer, Arthur Elston and his wife travel from Delaware to spend their vacation north of the border. This year will be no different, even as trade war tensions rise between Canada and the U.S.

“Our best friend live up there and we’re going to come up and visit them for a couple of weeks, and we enjoy being with them,” Elston said.

Elston is blocking out the things Trump has said about Canada.

“I’m not a big fan of what he’s doing,” Elston said. “It’s not going to affect what I do. I don’t have much time left, so I want to enjoy what I’ve got.”

Elston won’t be alone visiting Canada. Travel bookings are up, and Nova Scotia is expecting a heavy volume of American visitors this summer.

“Group travel and cruise ship travel is increasing from the United States,” said tourism operator Sean Buckland. “We are at a 40.5 per cent increase in sales over last year, to date.”

The Canadian dollar’s exchange rate appears to be too good for Americans to pass up, says Halifax Chamber of Commerce CEO Patrick Sullivan.

“They’d like to vacation; they like to come to Canada. they like to take advantage of that 69 per cent Canadian dollar and spend their money here,” said Sullivan.

Paul Hollingsworth, CTV National News reporter

4:19 p.m. EDT: Wall Street tumbles 10% below its record after Trump escalates his trade war

Wall Street’s sell-off hit a new low Thursday after U.S. President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month.

A 10 per cent drop is a big enough deal that professional investors have a name for it — a “correction” — and the S&P 500’s 1.4 per cent slide on Thursday sent the index to its first since 2023.

The losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol. Not even a double-shot of good news on the U.S. economy could stop the bleeding.

Full story at BNNBloomberg.ca

3:50 p.m. EDT: Lutnick accuses host of acting like ‘Fox Canada’

Moments before sitting down for a meeting with a Canadian delegation in Washington, U.S. Commerce Secretary Howard Lutnick appeared for an interview on Fox News.

He made similar claims to his previous appearances, accusing Canada of being “not respectful” and “not thankful” for its economic relationship with the United States.

He pledged to ask Ontario Premier Ford, who will take part in the meeting, “what are you doing for us?”

The journalist, Martha MacCallum, then asked him – why not drop the tariffs altogether?

Lutnick responded by accusing MacCallum of asking a question that would more appropriately fit on “Fox Canada,” which does not exist.

Luca Caruso-Moro, digital breaking news assignment editor

3:15 p.m. EDT: Trump’s ambassador pick says Canada is sovereign state

The man set to become America’s top diplomat in Ottawa said Thursday that Canada is a sovereign state -- contradicting U.S. President Donald Trump, who is doubling down on his calls to make Canada a U.S. state.

When asked about Trump’s repeated annexation threats during his Senate confirmation hearing, Pete Hoekstra said that “Canada is a sovereign state.”

When senators asked him whether a “joke” about annexation is ever appropriate, Hoekstra said he could not comment on the president’s relationship with outgoing Trudeau, which was notably rocky during the first Trump administration.

The Canadian Press

2:40 p.m. EDT: Ford says he’ll never ‘roll over’

Ontario Premier Doug Ford says he’s hoping for a “constructive meeting” with U.S. Commerce Secretary Howard Lutnick this afternoon.

Ford made the comment in an in-studio appearance on Fox News ahead of his scheduled meeting with Lutnick in Washington D.C.

“We want a constructive meeting. I just have to remind the American people, the President and Secretary Lutnick; we’re your largest customer. There’s no one that buys more products off the United States than we do.”Ford cautioned that Americans are “going to be paying a lot more for everything, right across the board” if the tariffs persist.

He said the “world is watching” to see how the U.S. treats its closest ally and trading partner and he’s hoping that the meeting will help “bring down the temperature.”

Still he vowed to stand strong in negotiations, despite his past support for Trump.

“Now he (Trump) wants to attack our families, take food off our table, shut down our manufacturing facilities, and as the Premier of Ontario, I’m supposed to roll over? I can tell you, I’ll never roll over, never ever,” Ford said.

Referencing a recent shouting match that took place in the oval office with Ukrainian President Volodymyr Zelenskyy, Ford quipped “I’ll make sure I thank him.”

Joshua Freeman, CP24.com journalist

2:22 p.m. EDT: Greenland annexation? Trump thinks ‘it’ll happen’

As Trump continues his Oval Office address, where he took questions alongside NATO Secretary General Mark Rutte, a journalist asked Trump about Greenland: “What is your vision for the potential annexation?”

“I think it’ll happen,” the U.S. president responded. “I’m just thinking I didn’t give it much thought before, but I’m sitting with a man who could be very instrumental.”

After turning toward Rutte, he said, “we need that for international security.”

“I would leave that outside, for me, this discussion. I don’t want to drag NATO in that,” Rutte said, before saying NATO needs to prioritize security in the region, welcoming U.S. leadership on that.

Trump has said he wouldn’t rule out using military force to take over Greenland, which is part of Denmark.

In response to a question about Greenland, Canada’s French ambassador Stephane Dion says such threats are not normal and violate the UN Charter, adding that merely threatening to invade another country is a violation of international law.

Luca Caruso-Moro, digital breaking news assignment editor

1:51 p.m. EDT: Trump keeps on saying that Canada should become the 51st state

“Canada only works as a state,” Trump said, again, in the Oval Office Thursday afternoon. “It’s so perfect as a great and cherished state.”

The U.S. president was asked if he would bend on steel and aluminum tariffs.

“No,” he responded, before repeating that the United States does not need to continue to import cars, energy, or lumber.

Those sectors, among others, are key aspects of the two countries deeply linked economies.

Luca Caruso-Moro, digital breaking news assignment editor

12:50 p.m. EDT: ‘We’ve got your back’

Two high-profile European foreign affairs leads sported red and white in a show of solidarity with Canada in a video posted to social media Thursday.

European Commission High Representative for Foreign Affairs Kaja Kallas appeared in the video, captioned “we’ve got your back,” tagging Melanie Joly, Canada’s foreign minister.

The attached hashtags read “#Canada” and “#Solidarity.”

Luca Caruso-Moro, digital breaking news assignment editor

12:20 p.m. EDT: Trudeau’s last message before Carney taps in

Prime Minister Justin Trudeau says Canadians are great and shouldn’t change, in a final message posted from his office on his last day in it.

Trudeau – in a post captioned: “Hey Canada, one last thing.” – said he is “so proud” of Canadians.

“I’m proud to have served a country full of people who stand up for what’s right, rise to every occasion and always have each other’s backs when it matters most,” Trudeau said.

“This may be my last day here in this office, but I will always be boldly and unapologetically Canadian. My only ask is that no matter what the world throws at us, you always be the same.”

Tomorrow, after days of behind-the-scenes preparation, the transition of power between Trudeau and prime minister-designate Mark Carney will be formally completed.

The ceremony is scheduled for 11 a.m. EDT on Friday. CTV News will have special live coverage.

Full story on CTVNews.ca

11:17 a.m. EDT: G7 must ‘meet the moment’

“We must meet the moment,” Foreign Affairs Minister Melanie Joly said as she opened the Group of Seven foreign ministers' meeting. “We should not be daunted by the task.”

While she said in her opening remarks to the ministers that American tariffs would be the focus of her closed-door talks, Joly did not directly mention American economic coercion or U.S. President Donald Trump’s calls for Canada’s annexation.

Joly spoke with U.S. Secretary of State Marco Rubio individually before opening the G7 foreign ministers' meeting Thursday morning.

Joly and Rubio are meeting with ministers representing France, the U.K., Germany, Italy, Japan and the European Union in the Charlevoix region, northeast of Quebec City.

Full story on CTVNews.ca

10:54: a.m. EDT: U.S. stocks fall as Trump’s latest threat offsets good news on the economy

The U.S. stock market is falling Thursday, even after getting a double-shot of encouraging news on the economy. U.S. President Donald Trump keeps upping the stakes in his trade war, with his most recent threat to tax wines and other alcohol coming from Europe.

• Full story on BNNBloomberg.ca
• Real-time TSX market updates here
• S&P 500 market updates here

10:50 a.m. EDT: Trump lashes out against Wall Street Journal editorial

Trump has fired back at the Wall Street Journal (WSJ) following a recent critique from its editorial board, accusing the business news outlet of “antiquated and weak” thinking.

“The Globalist Wall Street Journal has no idea what they are doing or saying,” he wrote in a post to Truth Social Thursday morning. “They are owned by the polluted thinking of the European Union, which was formed for the primary purpose of ‘screwing’ the United States of America.”

The WSJ opinion piece, entitled “How Do You Like the Trade War Now?” took aim at Trump’s tariff strategy as stock prices continue to decline.

“The trouble with trade wars is that once they begin they can quickly escalate and get out of control,” the editorial published Tuesday reads. “We said from the beginning that this North American trade war is the dumbest in history, and we were being kind.”

Minutes after his initial post lambasting the outlet, Trump posted again, writing that “The U.S. doesn’t have Free Trade. We have ‘Stupid Trade.’ The Entire World is RIPPING US OFF!!!”

Charlie Buckley, CTVNews.ca national digital producer

10:15 a.m. EDT: France, EU won’t yield on alcohol threat: trade minister

“(U.S. President) Donald Trump is launching the escalation in the trade war he chose to start. France remains determined to respond with the European Commission and our partners,” French Trade Minister Laurent Saint Martin wrote on X.

Trump said earlier that the U.S. will put a 200 per cent tariff on all wine and other alcoholic products if the EU does not remove its tariff on whiskey.

Reuters

9:55 a.m. EDT: Canada won’t drop Chinese tariffs despite trade war

The federal government is not considering dropping tariffs it imposed last year on Chinese electric vehicles (EVs), steel and aluminum, despite Beijing’s retaliation and U.S. President Donald Trump’s decision to launch a trade war with Canada, according to the industry minister.

Ottawa imposed a 100 per cent import tax on Chinese EVs and a 25 per cent import tariff on Chinese steel and aluminum last October. Beijing retaliated over the weekend by imposing nearly $4 billion in tariffs on Canadian agricultural products, including canola oil and pork

“We’re going to stand strong,” said Francois-Philippe Champagne, minister of innovation, science and industry, in an interview with Vassy Kapelos on CTV News Channel’s Power Play. “We want to protect our industry. We want to protect our workers. We want to protect our communities.”

The federal government, following the lead of then-U.S. President Joe Biden’s administration, imposed a 100 per cent import tax on EVs produced in China in October of last year, accusing Beijing of “distorting global trade” by exporting EVs at “unfairly low prices.”

Ottawa also imposed a 25 per cent import tax on Chinese-made steel and aluminum last October, accusing China of “pervasive subsidization” of its steel and aluminum industry.

Brennan MacDonald, Question Period senior producer

9:48 a.m. EDT: Canada, U.S. shoulder-to-shoulder at G7 meeting

As a Canadian delegation preps for a meeting in the United States’ capital, G7 foreign ministers are in Charlevoix, Que., today to discuss a range of topics, one of which will be Canada-U.S. relations.

That was a promise made by Canada’s foreign minister, Melanie Joly, after she and cabinet colleagues announced their country’s countermeasures on Wednesday. Canada is the host nation for this year’s summit.

Her American counterpart, Marco Rubio, is also in Quebec for the event. He said yesterday the two countries share a spectrum of priorities, and that today’s meeting would not feature discussions of a U.S. ‘takeover’ of Canada.

Luca Caruso-Moro, digital breaking news assignment editor

9:20 a.m. EDT: Lutnick praises U.K. and Mexico, blasts Canada on trade retaliation

U.S. Commerce Secretary Howard Lutnick praised the U.K. and Mexico for refraining from engaging in tit-for-tat tariff hikes with the U.S., warning that trading partners who upset Trump with their responses to American protectionist steps open themselves to a severe reaction.

“If you make him unhappy, he responds unhappy,” Lutnick said of Trump’s move Thursday to slap a 200 per cent tariff on European Union alcohol products in reaction to the EU’s retaliation against new U.S. steel and aluminum duties.

Full story on BNNBloomberg.ca

8:50 a.m. EDT: Carney will be ‘fantastic’ with Trump, says Freeland

“Mark is going to be a fantastic prime minister,” said Liberal MP and ex-finance minister Chrystia Freeland in an interview on CNN.

She was asked if Mark Carney, once he’s sworn-in, will be a capable negotiator with Trump.

“One hundred per cent,” she said, adding the prime minister-designate has already made his position clear, that talks with the president need to be predicated on respect for Canada’s sovereignty.

“He has said you need to respect us,” said Freeland. “Our sovereignty is not negotiable.”

In an address to CNN viewers, she argued the U.S. does not buy Canadian products and materials “out of the goodness of your heart. You buy it because you need it.”“

Canadians are angry,” she also said, later raising key Canadian exports of potash and uranium. “You need that from us.”

Luca Caruso-Moro, digital breaking news assignment editor

8:30 a.m. EDT: Trump threatens 200% tariff on EU alcohol

Trump has vowed retaliation against newly announced tariffs on U.S. exports to the European Union as the president’s trade war offence continues to expand.

The EU tariffs apply to U.S. exports of food, automotive and clothing products, but one particular line item has caught Trump’s attention: bourbon.

“The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% Tariff on Whisky,” Trump wrote in a post to Truth Social Thursday morning.

“If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES. This will be great for the Wine and Champagne businesses in the U.S.,” he wrote.

Charlie Buckley, CTVNews.ca national digital producer

Here’s how events played out Wednesday:

6:15 p.m. EDT: Canada announces nearly $29.8B worth of new tariffs on U.S. goods

Canada has revealed another batch of tariffs on U.S. imports. The new 25 per cent tariffs will affect a total of $29.8 billion in U.S. goods, starting just after midnight Thursday and joining the initial $30 billion levied last week.

Of that $29.8 billion, $12.6 billion will affect American steel products, $3 billion will affect aluminum and $14.2 billion will impact other items including tools, computer and server technology, water heaters, sports equipment and cast-iron products.

The existing $30 billion in tariffs on U.S. goods such as food and drink, furniture and appliances, clothing, home wares and some automotive products remain in effect.

With files from CTV News’ Charlie Buckley and Rachel Aiello

5:30 p.m. EDT: Mayors, industry leaders warn of impact of tariffs

Canadian mayors, workers and industry representatives are warning that U.S. tariffs on steel and aluminum could cost jobs and leave a lasting damage to industries on both sides of the border.

“I am very concerned, and I am hoping that we can get some resolution to this chaos,” Hamilton Mayor Andrea Horwath said Canadians worry about ‘permanent damage’ from Trump tariffs. “The longer (the tariffs) last, the more permanent damage happens to our industry here.”

The group say Canada is already feeling the effects of the tariffs, and they’re hopeful for a change of heart from the White House once Americans also start feeling the sting.

The Canadian Press

4:45 p.m. EDT: Canada seeking formal consultations with U.S.: Trade minister

Mary Ng, minister of export promotion, international trade and economic development, says Canada is seeking formal consultations with the U.S. regarding tariffs on steel and aluminum.

In a statement issued Wednesday, Ng also expressed disappointment with Washington.

“Canada is deeply disappointed that the U.S. has chosen to reimpose these unjustified tariffs that hurt workers and businesses on both sides of the border,” Ng said in the statement. ”These unilateral tariffs violate the United States’ obligations under both the Canada-United States-Mexico Agreement (CUSMA) and the World Trade Organization (WTO) Agreement.

“Instead of imposing unwarranted trade barriers,” Ng continues, ”the U.S. should work with Canada as a trusted trade partner. Canada will always defend its interests and stand up for Canadian jobs, industries and workers."

Tammy Ibrahimpoor, national digital producer

3:20 p.m. EDT: Canada could restrict oil exports: Energy minister

Canada could impose non-tariff measures such as restricting its oil exports to the United States or levying export duties on products if a trade dispute with the U.S. escalates further, Canada’s energy minister Jonathan Wilkinson said on Tuesday.

“When we are talking about non-tariff retaliation, it could be about restricting supply, it could be putting our own export duties on products. It could be energy and minerals, it could be broader than that,” Wilkinson said in an interview with Reuters.

He also raised the possibility of using non-tariff measures on critical minerals, which could force the U.S. to rely even more heavily on China.

“Everything is on the table,” he said.

Canada is the top supplier of imported oil to the United States, providing around 4 million barrels per day mainly to refineries in the Midwest that are largely engineered to run its grades.

Any attempts to restrict exports would face resistance from the province of Alberta, where most of Canada’s oil is produced.

“It’s not on the table. Zero,” said Alberta Premier Danielle Smith on the sidelines of the CERAWeek conference in Houston, Texas, on Wednesday.

Reuters

2:55 p.m. EDT: Singh calls Trump ‘economic arsonist’

“Trump’s an economic arsonist, and in his attempt to burn down our house, he’s doing the same to the American economy,” said NDP Leader Jagmeet Singh in a statement sent to media.

He said he wants Canada to “build, build, build” with Canadian metals as a counterweight to U.S. tariffs. He also called on the government to expand Employment Insurance to better protect contract workers.

2:30 p.m. EDT: Moosehead Brewery responds to aluminum tariffs: ‘Chaos’

For more than 150 years, Moosehead Breweries, which calls itself the largest fully Canadian-owned brewery, has tapped its family recipe for success.

With a trade war brewing, business has been bitter.

“I would just describe the situation as chaos. And I hope we can just get back to calm,” said Andrew Oland, President and CEO of Moosehead Breweries while speaking with CTV News Wednesday in Saint John.

Some Moosehead’s cans are made in Canada. Its taller cans are made in the U.S. Oland noted how even the Canada-made cans end up stateside.

Oland explained that raw aluminum from Quebec is shipped to the U.S. to make aluminum roll that’s sent back to Canada to made cans.

The lids used for beer cans all come from the U.S.

“We’re still working out, you know, the, the financial impact. It seems to change by the day, if not by the hour, but it’s significant.”

Twenty per cent of its beer is sold to Americans. Its beer, hops, cartons are all vulnerable to potential tariffs.

As Trump digs in on his trade polices, Moosehead is fighting back with the Presidential pack — a crate of 1,461 beer.

“One for each day, between now and the end of, the presidency, including the leap year in 2028,” said Oland. It costs $3,490.00 and it’s currently sold out.

The presidential pack is only being sold in Nova Scotia, New Brunswick and Ontario. Oland said that’s because interprovincial trade barriers would’ve made it too difficult or illegal to expand where the crate can be sold and delivered.

“There’s lots of great dialogue in terms of interprovincial trade barriers. We’ll see if we move from dialogue to any concrete action. I would be skeptical,” said Oland.

Sarah Plowman, CTV News national correspondent

1:24 p.m. EDT: Ford says it is ‘time to move on’ from Trudeau

Ontario Premier Doug Ford met with new Liberal Leader Mark Carney on Wednesday morning.

Ford told ABC News Live that he believes there will be a chance to reset the relationship with the U.S. once Carney is sworn in as Canada’s new prime minister.

“I think so. He is a very, very astute businessperson, extremely smart and he is going to do well. I truly believe that. He can talk to (U.S.) President Trump and have a good conversation. He is not Prime Minister Trudeau. We need to move on from Prime Minister Trudeau and move forward and get this deal done.”

Chris Fox, managing digital producer

1:21 p.m. EDT: Trump said he has ‘the right to adjust’ and otherwise good!

“I have the right to adjust,” Trump said of his on-again-off-again tariff threats, noting his one-month delay on tariffs against automakers following a phone call from the sector’s leaders.

“They asked me to do them a favour,” he said, referring to the delay. “They actually love what I’m doing, but they had a problem.”

“It’s called flexibility,” he continued, adding “there will be very little flexibility” on April 2, when the U.S. will place reciprocal tariffs against any and all countries with fees in place against American exports, including Canada.

Luca Caruso-Moro, digital breaking news assignment editor

12:50 p.m. EDT: Trump accuses Ontario of ‘playing with electricity’

Trump, speaking in the Oval Office, is talking tariffs again.

“We had a problem with Ontario,” he said, recounting Premier Doug Ford’s 25 per cent surcharge on electricity exports, which was dropped yesterday after Trump threatened to raise tariffs against Canada.

He said governments “shouldn’t be playing with electricity.”

Luca Caruso-Moro, digital breaking news assignment editor

11:59 a.m. EDT: U.S. aluminum CEO says tariffs will be ‘effective’

Century Aluminum CEO Jesse Gary told Fox News he thinks tariffs will be an ‘effective’ tool to increase U.S. domestic production.

“We’ll let President Trump and others worry about the diplomacy,” he said.

Century Aluminum is headquartered in Chicago, Ill.

Luca Caruso-Moro, digital breaking news assignment editor

11:34 a.m. EDT: Mexico won’t retaliate yet against U.S. steel tariffs: president

Mexico will not immediately retaliate against steel and aluminum tariffs imposed by Trump, his counterpart Claudia Sheinbaum said Wednesday.

Mexico will wait until April 2 -- when Trump has pledged to impose separate reciprocal levies -- “to see if we also need to take some actions,” she told a news conference.

Agence France-Presse

11:17 a.m. EDT: Canadians ‘deserve better’: Ex-U.S. ambassador to Canada

Former ambassador to Canada James Blanchard called on Congress to push back on Trump’s tariff plans during an interview with CNN.

“When 9/11 hit us, the first ambassador in NATO to call our ambassador was the Canadian ambassador, saying, ‘What can we do to help’?” he recounted.

“The Canadian people deserve better,” he said. “Our leaders in congress are going to have to stand up for the right things.”

Blanchard was also the governor of border state Michigan from 1983 to 1990.

Luca Caruso-Moro, digital breaking news assignment editor

11:02 a.m. EDT: Carney ‘ready to sit down’ with Trump

“You have a new government, but the same commitment,” Carney told reporters during a visit to a steel plant in Hamilton, Ont. – an epicentre of Canadian manufacturing.

Carney is expected to take over negotiations after he is sworn in as prime minister. On Sunday, he was elected leader of the Liberal party, picking up the mantle from Prime Minister Justin Trudeau, who will soon step down.

“I’m ready to sit down with President Trump,” Carney added, “under a position where there is respect for Canadian sovereignty.”

“We are going to make sure that all the proceeds from our tariffs go back to support workers in the affected industries,” he said.

Luca Caruso-Moro, digital breaking news assignment editor

10:41 a.m. EDT: Ontario to put new U.S. ad blitz on hold

Ontario Premier Doug Ford says that a new U.S. advertising blitz that the province had planned on launching will be “put on hold in good faith” while talks aimed at bringing an end to the trade war take place.

“We have to go and negotiate properly and sit down at the table,” Ford said of his trip to Washington on Thursday to meet with U.S. Commerce Secretary Howard Lutnick.

Chris Fox, managing digital producer

10:31 a.m. EDT: No renegotiation of CUSMA

The ministers have said repeatedly that they will not renegotiate CUSMA, the North American free trade agreement hammered out during Trump’s first term, at their meeting in Washington tomorrow.

Instead, the ministers will work to “find off ramps,” Foreign Affairs Minister Melanie Joly explained.

Finance Minister Dominic LeBlanc said, despite Canada’s dollar-for-dollar countermeasures announced today, they are looking to deescalate as soon as possible.

“If you’re racing to the basement, there’s no real prize for the first person to get to the basement,” he said.

Luca Caruso-Moro, digital breaking news assignment editor

10:20 a.m. EDT: Tariffs a ‘national security’ issue: Champagne

Industry Minister François-Philippe Champagne says uncertainty surrounding North American trade relationships undermines both countries’ economic security, “and ultimately, our national security.”

He is part of a delegation of ministers heading to Washington tomorrow.

Speaking in French, Finance Minister Dominic LeBlanc said their meeting with U.S. counterparts will deal with “the urgency of lowering the temperature” on the trade war.

Luca Caruso-Moro, digital breaking news assignment editor

10:14 a.m. EDT: Lutnick: Nothing will stop U.S. metals tariffs

U.S. Commerce Secretary Howard Lutnick said nothing would stop Trump’s expanded 25 per cent tariffs on steel and aluminum until U.S. domestic production is strengthened, and that Trump will add copper to his trade protections.

Lutnick also told Fox Business Network that a meeting he plans to hold with Ontario Premier Doug Ford will seek to “lower the temperature” between the U.S. and Canada.

However, Lutnick said he will wait for Mark Carney to be fully installed as prime minister before negotiating on trade at a national level.

“So I think it’s just to level-set things, make sure we know each other, and then we’re going to negotiate with all of Canada,” Lutnick said on the meeting with Ford.

Reuters

10:10 a.m. EDT: ‘We will not give in’: Joly

Foreign Affairs Minister Melanie Joly is now talking about Trump’s repeated calls to annex Canada.

“We will not back down, and we will not give in to this coercion,” she said in Ottawa, flanked by high-ranking cabinet members.

“We have done nothing to justify Trump’s attacks on our country,” she said in French, speaking of the tariffs. “We will do everything in response.”

She pledged to bring up the trade war during all of her upcoming G7 meetings in Quebec.

Luca Caruso-Moro, digital breaking news assignment editor

10 a.m. EDT: Canada hits back at Trump’s tariffs

Canada, following a dollar-for-dollar approach, is levelling retaliatory reciprocal tariffs on the United States, worth $29.8 billion.

This trade move comes in response to U.S. President Donald Trump’s 25 per cent tariffs on all steel and aluminum imports coming into effect today.

The package of countermeasures is being outlined by a trio of cabinet ministers on Parliament Hill.

Rachel Aiello, CTV News national correspondent

9:48 a.m. EDT: Bank of Canada cuts rate amid ‘new crisis’ of trade war with the U.S.

The Bank of Canada has cut its policy rate by 25 basis point to 2.75 per cent as a new front is opened in the trade war between the United States and Canada.

Overnight, the U.S. began putting 25 per cent tariffs on all steel and aluminum products coming from Canada. Last year, exports of those metals accounted for nearly $40 billion dollars in sales for businesses in Canada.

Further protectionist measures are expected on April 2, when U.S. President Donald Trump announces global reciprocal tariffs which are expected to impact a broad swath of industry from automobiles to agriculture.

While announcing the rate cut, Bank of Canada Governor Tiff Macklem warned Canada is “facing a new crisis,” and that the central bank “cannot offset the impacts of a trade war.”

”Depending on the extent and duration of new U.S. tariffs, the economic impact could be severe.” Macklem said that the “pervasive uncertainty” has already shaken business and consumer confidence.

Macklem pointed out that inflation remains close to the bank’s two per cent target and that the Canadian economy had actually grown by 2.6 per cent in the fourth quarter of 2024.

But, those gains could be derailed by uncertainty.

Judy Trinh, CTV News national correspondent

9:40 a.m. EDT: U.K. says retaliation on steel, aluminum tariffs possible

British Prime Minister Keir Starmer expressed disappointment Wednesday over the Trump administration’s decision to impose tariffs on global steel and aluminum imports, and said a retaliatory response was possible.

During his weekly questioning in the House of Commons, Starmer said his government was taking a “pragmatic approach” but ”we will keep all options on the table.”

Starmer, leader of the centre-left Labour Party, said negotiations with the Trump administration over a bilateral trade deal were ongoing.

The Associated Press

9:18 a.m. EDT: Rubio says G7 won’t discuss U.S. ‘take over’ of Canada

U.S. Secretary of State Marco Rubio on Wednesday said Trump’s threats to “take over Canada” will not be discussed at a G7 foreign ministers' gathering in Quebec on Thursday.

When asked by reporters about Trump’s comments on making Canada the 51st U.S. state, Rubio said Washington is prioritizing other topics.

“We defend North America through Norad and the airspace of our continent together, so not to mention the issues of Ukraine and other commonalities. So we’re going to be focused in the G7 on all of those things,” he said.

“That’s what the meeting is about. It is not a meeting about how we’re going to take over Canada.”

Luca Caruso-Moro, with files from Reuters

9:05 a.m. EDT: Official tells Reuters: Canada response tariffs amount to $29.8 billion

Canada will announce $29.8 billion in retaliatory tariffs on the United States on Wednesday in response to U.S. President Donald Trump’s steel and aluminum tariffs, a Canadian official said.

The official declined to be named.

Trump’s increased tariffs on steel and aluminum imports took effect on Wednesday as prior exemptions, duty free quotas and product exclusions expired, and as his campaign to reorder global trade norms in favor of the U.S. gains momentum.

Canada is the biggest foreign supplier of steel and aluminum to the United States.

Reuters

8:50 a.m. EDT: Trump ‘knowingly inflicting damage’: Unifor

Unifor, Canada’s largest private-sector union with members in various affected industries, warns the tariffs will have devastating effects to jobs on both sides of the border.

“Trump is knowingly inflicting damage to the North American manufacturing sector with these inflationary tariffs that will injure workers, eliminate jobs, and hurt consumers,” Unifor national president Lana Payne in a statement circulated to media.

Luca Caruso-Moro, digital breaking news assignment editor

8:30 a.m. EDT: Canada’s response coming, Reuters reports $29.8-billion package

At 9:45 a.m. EDT, high-ranking cabinet members are expected to reveal details on Canada’s response to Trump’s tariffs.

Reuters is reporting Canada will announce $29.8 billion in retaliatory tariffs today, citing an unnamed government source.

Minister of Finance Dominic LeBlanc, Foreign Affairs Minister Mélanie Joly and Industry Minister François-Philippe Champagne are set to appear at the news conference. CTVNews.ca will provide live coverage here.

Luca Caruso-Moro, digital breaking news assignment editor

• READ MORE: Everything you need to know about Trump’s steel and aluminum tariffs

Here’s how events played out on Tuesday:

7:54 p.m. EDT: Ford had ‘constructive’ conversation with Lutnick

On CNN’s OutFront with Erin Burnett, Ford said he doesn’t care if the Trump administration wanted to paint Ontario’s action as him backing down.

“They can use any terminology. I just feel when its at a fever pitch and we see the market tumbling over $4 trillion, inflation happening, uncertainty, and consumer confidence is down, it is not about backing down. It’s about sitting around the table and negotiating a fair deal,” Ford told Burnett.

The premier reiterated that he had a “constructive” conversation with Lutnick and that he informed the commerce secretary that they need to speed up a new trade deal so there is certainty in the markets. When asked if changes to the U.S.-Canada border could be up for negotiation, Ford says that’s not going to happen, calling the issue a “nonstarter.” “That’s just not on the table. We will never be a 51st state. We’re proud of our sovereignty. We will always stay as Canada,” the premier said.

Bryann Aguilar, CP24.com journalist

7:48 p.m. EDT: House Republicans grumble over spending bill

While House Republicans unanimously supported a continuing resolution to fund the government through September, many GOP lawmakers bristled that spending was not slashed enough.

“It’s a bad bill now, but we were painted in the corner,” Rep. Rich McCormick of Georgia said. “We don’t have a better option right now. That’s the horrible thing about that.”

Rep. Chip Roy of Texas, an outspoken member of Freedom Caucus, said that he expects the White House “will come in with a relatively conservative number” on future budget proposals that would be more satisfying to fiscal hawks.

The Associated Press

7:40 p.m. EDT: Border mayor wants support from Americans

The mayor of Sarnia, a border city in Ontario, says Canada cannot have four years of “economic terrorism” directed from the U.S., saying his message to Trump is to “respect” Canadians.

In an interview with CTV News Channel, Mike Bradley also said although everybody is blaming Trump, but he has wide support inside the U.S. and some responsibility lies with the American people.

“The traffic at the border crossings is way down on March break. Canadians are saying we are not going to the U.S. and that message is going to get stronger from Canadians saying we’re tired of being disrespected.”

Bradley said his city is closely integrated with the border towns in Michigan, but “that marriage is over. Now we’re just friends and the question is what is the settlement going to be on the divorce.”

Tammy Ibrahimpoor, CTVNews.ca journalist

7:35 p.m. EDT: Canada could restrict oil exports

Canada could impose non-tariff measures such as restricting its oil exports to the United States or levying export duties on products if a trade dispute with the United States escalates further, Canada’s Energy Minister Jonathan Wilkinson said on Tuesday.

“When we are talking about non-tariff retaliation, it could be about restricting supply, it could be putting our own export duties on products. It could be energy and minerals, it could be broader than that,” Wilkinson said in an interview with Reuters.“Everything is on the table.”

Canada is the top supplier of imported oil to the United States, providing around 4 million barrels per day mainly to refineries in the Midwest that are largely engineered to run its grades.

By Jarrett Renshaw and Arathy Somasekhar, Reuters

6:55 p.m. EDT: Trump’s metals tariffs to hit horseshoes, bulldozer blades

Trump’s bulked-up tariffs on steel and aluminum due to launch within hours will hit nearly US$150 billion worth of derivative products made from the metals, ranging from nuts and bolts to bulldozer blades and threatening cost increases for industry and consumers alike.

Trump’s action to strengthen the Section 232 national security tariffs on steel and aluminum imposed during his first term, extends the duties to products as diverse as stainless steel sinks, gas ranges, air conditioner evaporator coils, horseshoes, aluminum fry pans and steel door hinges.

By David Lawder and Jason Lange, Reuters

6:09 p.m. EDT: Trump defends tariffs to CEOs

U.S. President Donald Trump defended his tariff policies on Tuesday as he met the CEOs of America’s biggest companies, including many whose market value has dipped in recent days as recession and inflation fears soured consumer and investor sentiment.

The Republican president spoke to about 100 CEOs at a regular meeting of the Business Roundtable in Washington, an influential group of CEOs leading major U.S. companies, which include Apple, JPMorgan Chase and Walmart.

Trump said his increased tariffs on many imports, which have rattled global markets and prompted stock selloffs, will have a tremendously positive impact over time.

“The tariffs are going to be throwing off a lot of money for this country” and entice companies abroad to build plants in the United States, he said.

By Trevor Hunnicutt and David Shepardson, Reuters

5:54 p.m. EDT: House passes bill to avert shutdown

The U.S. House of Representatives passed legislation Tuesday to avert a partial government shutdown and fund federal agencies through September, providing critical momentum as the measure now moves to the Senate, where bipartisan support will be needed to get it over the finish line.

Republicans needed overwhelming support from their members to pass the funding measure, and they got it in the 217-213 House vote.

By Kevin Freking, The Associated Press

5:46 p.m. EDT: Congress' ability to challenge tariffs blocked

The Republican-controlled U.S. House of Representatives voted on Tuesday to block the ability of Congress to quickly challenge tariffs imposed by U.S. President Donald Trump that have rattled financial markets.

The 216-214 vote, largely along party lines, delays lawmakers' ability for the rest of the year to force a vote that could revoke Trump’s tariffs and immigration actions.

By Bo Erickson, Reuters

5:39 p.m. EDT: Australia not exempt from tariffs

Australia will not be exempt from U.S. steel and aluminum tariffs that U.S. President Donald Trump’s administration will impose on Wednesday, Australian media reported, citing a White House official.

Trump agreed in February to consider exempting Australia from the tariffs in view of the U.S. trade surplus with the country, following a phone call with Australian Prime Minister Anthony Albanese. But Trump has decided against it, Australian Broadcasting Corp reported, citing White House spokeswoman Karoline Leavitt.

By Renju Jose, Reuters

5:14 p.m. EDT: Trump picks out new Tesla

U.S. President Donald Trump shopped for a new Tesla on the White House driveway on Tuesday, selecting a shiny red sedan to show his support for Elon Musk‘s electric vehicle company as it faces blowback because of his work to advance the president’s political agenda and downsize the federal government.

“Wow,” Trump said as he eased his way into the driver’s seat of a Model S. “That’s beautiful.”

• READ MORE: How Trump’s efforts to help Tesla could hurt it

Musk got in on the passenger side and joked about “giving the Secret Service a heart attack” as they talked about how to start a vehicle that can reach 60 m.p.h. (95 km/h) in a few seconds.

By Chris Megerian, The Associated Press

4:55 p.m. EDT: Ford ‘does not want to hurt New Yorkers’

New York Governor Kathy Hochul says she spoke with Ontario Premier Ford Thursday ahead of his decision to hold off on raising electricity prices for New York, Michigan and Minnesota.

In a post on X Tuesday, Hochul shared the news that Ontario is pausing the 25 per cent electricity surcharge on energy it exports to her state pending a meeting between Premier Ford and U.S. Commerce Secretary Howard Lutnick, which is set to take place Thursday.

“I spoke with @fordnation earlier today to share our frustrations & urge him to suspend this plan. He made clear that he does not want to hurt New Yorkers,” she said. Hochul added “Trump’s trade war will only hurt working families. It needs to end.”

Joshua Freeman, CP24.com journalist

4:45 p.m. EDT: Ford says Trump dropping plan to double steel, aluminum tariffs

Ontario Premier Doug Ford says U.S. Commerce Secretary Howard Lutnick has committed to lowering U.S. President Donald Trump’s tariff on Canadian aluminum and steel back to 25 per cent, after Ontario agreed to pause a surcharge on electricity exports to the United States.

Earlier Tuesday, Trump said he would double the duties set to be implemented Wednesday.

The Canadian Press

4:20 p.m. EDT: U.S. won’t impose 50% tariffs: Navarro

Peter Navarro, a senior trade adviser to Trump, just told CNBC that the U.S. will not be imposing 50 per cent tariffs on Canadian steel and aluminum on March 12, as the president had threatened this morning.

Phil Hahn, special projects producer

4:04 p.m. EDT: ‘I respect that,’ Trumps says of Ontario’s concession

Trump commented on Ontario’s decision to suspend its energy export tax during an availability in Washington alongside Tesla’s Elon Musk, telling reporters that it would have been a “very bad thing” had it been kept in place.

“As you know there is a very strong man in Canada who said he was going to charge a surcharge or tariff on electricity coming into our country. He has called, and he has said he is not going to do that. It would have been a very bad thing if he did but he is not going to do that. So, I respect that”

Chris Fox, managing digital producer

3:30 p.m. EDT: Trump ‘probably’ going to reduce tariffs: Reuters

Trump said on Tuesday that he is “probably so” going to reduce the recently increased tariffs on Canada after Ontario suspended a surcharge on electricity exports to the United States.

Speaking to reporters at the White House, Trump discussed his decision to hike tariffs on U.S. imports, saying that he “had to do this.”

More on Canada’s Response:

• ‘Buy Canada’ hits $2.3 trillion money pot as Trump stokes anger
• Ontario eyes more trade with countries overseas in wake of U.S. tariffs
• Trade war to force Bank of Canada to cut deeper, economists say

He also said that markets are going to swing up and down over time, dismissing concerns that led to a sell-off. He said the tariffs were needed in order to get American jobs back and factories open.

Reuters

3:15 p.m. EDT: Ford hopeful 50 per cent tariff will be put on hold

Ford says that he believes Lutnick still has to speak with Trump regarding a 50 per cent tariff on Canadian aluminum and steel that is set to take effect at midnight.

The premier, however, said that he is hopeful it will be put on hold following Ontario’s decision to suspend its energy export tax.

“He (Lutnick) has to bounce it off the president but I am pretty confident he will pull back. I am not speaking for them, I am not speaking for the president but if he (Trump) continues with the aluminum and the steel I just got off the phone with (Federal Finance) Minister (Dominic) LeBlanc and they (Ottawa) will respond dollar for dollar and tariff for tariff.”

Chris Fox, managing digital producer

2:46 p.m. EDT: Ontario suspends energy tariffs

Ontario has agreed to suspend its 25 per cent surcharge on electricity exports to the U.S., according to a joint statement from Ford and U.S. Secretary of Commerce Howard Lutnick.

The statement notes that Ford will travel to Washington on Thursday to meet with Lutnick and discuss “a renewed” USMCA free trade pact ahead of the April 2 reciprocal tariff deadline set by Trump.

Market Movement:

• Markets today: Wall Street’s manic day sends it careening
• S&P/TSX composite, U.S. stocks continue to slide amid trade tensions
• Canada stocks on track to beat U.S. for longest stretch since 2022

The pivot comes after Trump said that he would double planned tariffs on Canadian steel and aluminum to 50 per cent in retaliation for Ontario’s energy export tax.

Chris Fox, managing digital producer

2:40 p.m. EDT: Quebec vulnerable to aluminum tariffs

Union leaders say Trump’s tariffs threaten tens of thousands of jobs in Quebec alone, many of them linked to the aluminum sector.

News of a 50 per cent levy hit Trois-Rivieres and neighboring Bécancour particularly hard.

“The uncertainty of what will actually happen, what the impacts will be are a major concern,” said Bécancour Mayor Lucie Allard.

The region sits along the shores of the Saint-Lawrence, in a strategic location for exports.

A major smelter has been part of the landscape for nearly 30 years, and several other businesses are connected to the industry.

Ninety percent of the region’s exports land in the U.S., and anger and worry over the impact of a trade war has been mounting for weeks.

Genevieve Beauchemin, CTV News Quebec bureau chief

2:36 p.m. EDT: GM workers ‘anxious’

Workers at the GM plant in Oshawa, Ont. are feeling further anxiety over Trump’s latest threat to “permanently shut down automobile manufacturing business in Canada.

”Three-thousand workers are employed by GM at the plant which makes the Chevrolet Silverado truck.“ Most of our members are anxious. They’re upset, they’re mad, they’re angry, they’re scared. We don’t feel like we have a level of control here,” Jeff Gray, president of Unifor local 222, tells CTV News.

Trump is threatening to “substantially increase” auto tariffs on April 2.

Gray says a part for the Silverado moves across the border between six and nine times.

He hopes Trump’s threat is an empty one but is concerned. “If you see his messaging on all of his social media platforms, it’s getting increasingly angry. And we’re worried.”

John Vennavally-Rao, CTV News correspondent

2:30 p.m. EDT: Trump will find a way to ‘retreat’: analyst

CTV News political analyst Scott Reid says he believes U.S. President Donald Trump will come under increasing pressure from the business community in the coming days as a result of his tariff escalation, and combined with the markets tanking, will “find some way to beat some sort of retreat” and will back off his latest threat.

“He’ll declare it a victory. He’ll utter new threats. He’ll draw new deadlines. But I don’t think he’s got the gut for this kind of discomfort,” said Reid on CTV News Channel.

“I just don’t think we’ve ever seen an example of Donald Trump suffering sacrifice, taking punch after punch, day after day. That’s not how he’s built. This guy’s all mouth, but with a glass jaw.”

Phil Hahn, CTV News Special Projects Producer

2:22 p.m. EDT: White House calls tariffs ‘tax cut.’ Is that true?

White House Press Secretary Karoline Leavitt just called tariffs a “tax cut” for the American people in response to a question from the Associated Press.

“Tariffs are a tax hike on foreign countries that, again, have been ripping us off,” said Leavitt. “Tariffs are a tax cut for the American people.”

Import tariffs are paid by the importing party. The actual cost can be passed on in a variety of ways.

For example, the exporting party might lower its pre-tariff price in an effort to stay competitive. The added cost could also be passed on to consumers. In January, the Bank of Canada forecasted the tariffs will increase prices for U.S. consumers, leading to higher inflation.

“I’m sorry. Have you ever paid a tariff? Because I have,” asked the journalist in a follow-up. “They don’t get charged on foreign companies. They get charged on the importers.”

“Ultimately, when we have fair and balanced trade,” she responded. “Revenues will stay here, wages will go up, and our country will be made wealthy again.”

She added she was insulted by the question and regretted calling on the Associated Press to pose it.

Luca Caruso-Moro, digital breaking news assignment editor

1:50 p.m. EDT: White House threatens ‘grave consequences’

The White House warned of “grave consequences” should Ontario Premier Doug Ford follow through on his threat to shut off electricity to the U.S.

“There would be grave consequences imposed on Canada if they think about shutting off electricity for the United States of America and our citizens,” White House Press Secretary Karoline Leavitt said.

Ford said Tuesday that cutting off the province’s energy supply to U.S. was a “tool in the toolkit” for combatting the U.S. tariffs.

Adam Frisk, local producer

1:36 p.m. EDT: Trump’s phone is ‘always open’

Asked if Trump has yet spoken with Liberal Leader Mark Carney, who will soon lead trade war negotiations between Canada and the U.S. as prime minister, White House Spokesperson Karoline Leavitt said he has not.

“Certainly, his phone is always open,” she said.

Leavitt did not answer a follow-up question by a reporter, who asked about a timeline for Trump to speak with Carney, given that a sitting president normally speaks to a close ally in short order after a new leadership is in effect.

Phil Hahn, special projects producer and Luca Caruso-Moro, digital breaking news assignment editor

1:06 p.m. EDT: Poilievre condemns Trump’s threat, attacks Carney

Conservative Leader Pierre Poilievre said U.S. President Donald Trump’s latest tariff threat against Canadian steel and aluminum is “unjust” and is yet “another betrayal” of the long friendship between Canada and the U.S.

In a post on X, Poilievre called on the federal government to retaliate “immediately” with 50 per cent tariffs on all American steel and aluminum products imported into Canada.

Poilievre also called on new Liberal Leader Mark Carney to reverse his plan to impose an industrial carbon tax on Canadian steel.

“Carney‘s carbon tax and Trump’s tariffs would decimate our industry forever,” he wrote.

Phil Hahn, special projects producer

12:50 p.m. EDT: Canada’s next PM will keep tariffs in place for now

Liberal Leader Mark Carney, who is soon expected to be sworn in as prime minister, vowed to keep Canadian counter tariffs against the U.S., “until the Americans show us respect and make credible, reliable commitments to free and fair trade.”

“President Trump’s latest tariffs are an attack on Canadian workers, families, and businesses. My government will ensure our response has maximum impact in the U.S. and minimal impact here in Canada, while supporting the workers impacted,” reads a statement attributed to a spokesperson.

Luca Caruso-Moro, digital breaking news assignment editor

12:46 p.m. EDT: Building a new car plant in the U.S. could take years

In his Truth Social post today, U.S. President Donald Trump said his tariffs would lead to a permanent shut down of the car manufacturing business in Canada.

“Those cars can easily be made in the USA!” wrote Trump. But building out capacity and staffing a new plant in the U.S. is a process that is far from easy.

In fact, according to American financial analysts John Murphy and John P. Babcock, this process could take three-plus years.

“For most auto parts it is not viable as it would be even more expensive to produce in the U.S.” than paying the tariffs, said the analysts in a report earlier this month from Bank of America.

Phil Hahn, special projects producer

12:26 p.m. EDT: T.O. mayor ‘fully supports’ Canada’s tariff response

Toronto Mayor Olivia Chow says she “fully supports” the response of the federal and provincial governments to Trump’s “unjustified” and “senseless” trade war with Canada.

She said a motion will be coming before Toronto City Council at its next meeting to bar U.S. companies from participating in any future contracts with Canada’s largest city.

Just last week, the city announced it would preferentially do business with Canadian companies for contracts worth less than $353,000.

• Get real-time market data on BNNBloomberg.ca

“This uncertainty and chaos needs to stop,” Chow said while responding to Trump’s latest threats Tuesday.

Chow made the comments while touring a Scarborough company that could be hit hard by the U.S. tariffs.

“As long as the threat hangs over Canada, we will respond forcefully, and the City of Toronto is taking a Team Canada approach,” Chow said.

The city has launched a “Shop Local, Buy Canadian” campaign in response to Trump’s tariff threats.

Joshua Freeman, CP24.com journalist

12:10 p.m. EDT: Latest Trump threat ‘in the works’; not yet signed

According to CNBC, U.S. President Donald Trump has not yet signed the formal paperwork to officially increase tariffs on Canadian steel and aluminum to 50 per cent.

Citing an unnamed senior administration official, CNBC reported that the 50 per cent tariffs remained a “threat” for now until the paperwork is prepared and signed, when it then becomes an official action.

Phil Hahn, special projects producer

12:02 p.m. EDT: Trump to meet CEOs as trade war slumps markets

U.S. President Donald Trump will meet the CEOs of America’s biggest companies on Tuesday, including many whose market value has dipped in recent days as recession and inflation fears soured consumer and investor sentiment.

The Republican president is expected to speak with around 100 CEOs at a regular meeting of the Business Roundtable in Washington, an influential group of CEOs leading major U.S. companies from Apple to JPMorgan Chase and Walmart. Trump met with technology company executives at the White House on Monday.

JPMorgan CEO Jamie Dimon, Citigroup CEO Jane Fraser and Goldman Sachs CEO David Solomon also plan to attend, according to three sources. They declined to be identified because the information is not public.

Reuters

11:41 a.m. EDT: Trump says his response will ‘be read about in history books’

Trump has posted again about Canada on Truth Social.

“Why would our country allow another country to supply us with electricity, even for a small area? Who made these decisions, and why?” wrote the president.

“And can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat? They will pay a financial price for this so big that it will be read about in history books for many years to come!” the post continues.

Canada and the U.S. have a well-established energy sharing relationship. Ontario alone exports electricity to Minnesota, Michigan, and New York.

In 2023, it exported 12 terawatt hours of electricity to the U.S., and 14.2 terawatt hours the year before.

Luca Caruso-Moro, digital breaking news assignment editor

11:32 a.m. EDT: Trump’s escalation is ‘disappointing’

Ontario Premier Doug Ford tells CNN that Trump’s escalation of the trade war is “disappointing” and will result in prices going up south of the border.

Ford also says that he just spoke with Michigan Governor Gretchen Whitmer and urged her to find a way to inform residents about the cost of Ontario’s retaliatory export tax on their utility bills.

“I apologized to her but what I recommended is that on the electricity bill you put down this increase is a tariff from Trump. It is a Trump tariff which is basically a Trump tax,” Ford said.

Chris Fox, managing digital producer

11:25 a.m. EDT: Ford on CNBC

Ontario Premier Doug Ford tells CNBC that he will be speaking to U.S. Commerce Secretary Howard Lutnick sometime today regarding the latest escalation in the trade war. Ford says that he believes a 50 per cent tariff on aluminum is only “going to hurt the U.S.”

“Only 16 per cent of the aluminum is produced in U.S. They can’t get it anywhere else other than from Quebec in Canada,” Ford said.

Chris Fox, managing digital producer

11:21 a.m. EDT: Wall Street’s sell-off worsens after Trump ups the ante in trade war

The U.S. stock market is sinking further Tuesday after U.S. President Donald Trump raised the stakes in his trade war, pulling Wall Street more than nine per cent below its record set just a month ago.

The S&P 500 was down 0.9% in morning trading after Trump said he would raise tariffs on steel and aluminum coming from Canada, doubling their planned increase to 50%. The president said it was in direct response to moves Canada made after Trump earlier threatened tariffs on one of the country’s most important business partners.

The Dow Jones Industrial Average was down 529 points, or 1.3%, as of 10:50 a.m. Eastern time, and the Nasdaq composite was 0.6% lower.

The drops extend a sell-off on Wall Street that has taken investors on a scary ride, fueled by worries about how much pain Trump will allow the economy to endure through tariffs and other policies he’s pushing to remake the country and world. The S&P 500 has by at least 1%, up or down, seven times in the last eight days.

The Associated Press

11:04 a.m. EDT: Trump will ‘permanently shut down’ auto manufacturing in Canada

After vowing to double tariffs on steel and aluminum, Trump turned his focus to the auto industry, which was given a one-month reprieve from levies after the three largest manufactures asked Trump for a pause last week.

“If other egregious, long time Tariffs are not likewise dropped by Canada, I will substantially increase, on April 2nd, the Tariffs on Cars coming into the U.S. which will, essentially, permanently shut down the automobile manufacturing business in Canada. Those cars can easily be made in the USA!” wrote the president.

Luca Caruso-Moro, digital breaking news assignment editor

More details to come.