U.S. President Donald Trump announced sweeping reciprocal global tariffs on his so-called “Liberation Day” Wednesday.

He also unleashed a baseline 10 per cent fee on all imports, but a fact sheet from the White House says Canada is exempt.

Prime Minister Mark Carney held meetings throughout the day and after Trump’s announcement. While Canada did not get additional tariffs, the duties imposed on several items last month are still in place, prompting Carney to say that he will respond with countermeasures.

He is expected to meet with the premiers on Thursday. A source inside the Prime Minister’s Office told CTV News Wednesday that Carney may wait a day before responding.

You can read our full story here.

Meanwhile, here are some highlights from today’s Trump announcement:

10 p.m. EDT: Winners and losers of Trump’s ‘Liberation Day’ tariffs

Experts say U.S. tariffs will have a significant impact on the Canadian economy, potentially triggering a recession, but certain industries like retail and tourism could benefit while others like automotive and manufacturing could see a more significant downside.

On Wednesday U.S. President Donald trump unveiled his “liberation day plan” to hit various nations tariffs. Following the announcement, The Canadian Press reported that a White House Fact sheet said Canada and Mexico were exempt form new reciprocal tariffs. The sheet said goods imported under the existing trade deal would not face tariffs, while other nations would be subject to a 10 per cent baseline tariff. However, Trump says he plans to move forward with a 25 per cent tariff on all foreign made cars.

“I would go so far as to say that these tariffs can lead to general recession in the Canadian economy,” RSM Canada Economist Tu Nguyen said in an interview with BNNBloomberg.ca Wednesday.

Despite the overall impact, Nguyen said some industries may benefit, especially those that can gain from widespread buy Canadian sentiment, which she expects will continue. Additionally other firms may benefit from the removal of interprovincial trade barriers some of which have been in place for decades.

This is an excerpt from a BNN Bloomberg story. Continue reading here.

Daniel Johnson, BNNBloomberg.ca journalist

9:30 p.m. EDT: Singh, Poilievre on U.S. tariffs

Conservative Leader Pierre Poilievre called Trump’s auto tariff coming into effect at midnight an “unfair attack” on the Canadian economy and the auto sector.

“The president is betraying America’s closest friend and attacking our economy, proving once again that Canada must end its era of overdependence and weakness,” Poilievre said during a campaign rally in Kingston, Ont., Wednesday night.

“We must be an economic fortress that can defend itself, that can stand up for its own people and put Canada first.”

He went on to say that a Conservative government would push hard to end the tariffs and get a quick and fair deal.

Meanwhile, NDP Leader Jagmeet Singh posted on X that he will announce tomorrow his “nation-building, war-time measures to Trump-proof Canada.”

“Our path to victory will empower every Canadian to stand up for our neighbours and strengthen our economy in these uncertain times. I hope you’ll join the fight,” Singh added.

Bryann Aguilar, CTVNews.ca federal election journalist

8:30 p.m. EDT: Ford ‘grateful’ Canada exempted from reciprocal tariffs

Ontario’s premier said he’s “very, very grateful” that Canada has been spared from new U.S. import tariffs.

During a Wednesday evening appearance on ABC News Live Prime with Linsey Davis, Doug Ford said his focus going forward is on “building relationships” and “always communicating” with the U.S. administration.

“That’s what we’ve done, at least myself with (U.S. Commerce) Secretary Lutnick. He’s a very great business mind, along with the president, so we just look forward to a great relationship,” he said.

Ford also told Davis that he was “cautiously optimistic” later this afternoon when he saw that Canada was not on the list of Trump’s newly announced import levies, adding that the economic uncertainty caused by the threat of U.S. tariffs has affected people on both sides of the border.

This is an excerpt from a full story. Continue reading here.

Joanna Lavoie, CP24.com journalist

7:45 p.m. EDT: U.S. Senate passes resolution that would thwart tariffs on Canada

The U.S. Senate passed a resolution Wednesday night that would thwart Trump’s ability to impose tariffs on Canada, delivering him a rare rebuke just hours after the president unveiled sweeping plans to clamp down on international trade.

The Senate resolution, passed by a 51-48 vote tally, would end Trump’s emergency declaration on fentanyl that underpins tariffs on Canada.

The Senate’s legislation ultimately has little chance of passing the Republican-controlled House and being signed by Trump, but it showed the limits of Republican support for Trump’s vision of remaking the U.S. economy by restricting free trade.

Trump earlier Wednesday singled out the four Republicans — Sens. Lisa Murkowski of Alaska, Susan Collins of Maine, Mitch McConnell of Kentucky and Rand Paul of Kentucky — who voted in favour of the resolution.

Read the full story here.

The Associated Press

7:05 p.m. EDT: Mexico, Canada may benefit from Trump’s tariff announcement: Economist

Mexico and Canada, excluded from the list of reciprocal tariffs due to the trilateral free trade agreement between the countries, may stand to gain by Trump’s announcement, said Gabriela Siller, economic analyst of the Mexican financial group Banco Base.

Mexico is still affected by a number of more limited tariffs on steel and aluminum and may be subject to tariffs down the line as the administration continues to put pressure on the country to control fentanyl production and migration.

But dodging broader measures by the Trump administration on Wednesday could give Mexico a competitive market edge “despite Trump’s protectionist rhetoric,” Siller said.

“It’s bad news for the world,” Siller said. “Still, it’s good news for Mexico. ... Tariffs will surely lower what (these countries) sell to the United States. That opens up an opportunity in the market.”

The Associated Press

6:43 p.m. EDT: Carney vows to fight U.S. tariffs with ‘purpose’ and ‘force’

Prime Minister Mark Carney is vowing to fight U.S. tariffs on Canadian goods that remain in place.

While Canada escaped Trump’s reciprocal global tariffs this afternoon, duties on several goods -- including non-compliant CUSMA (Canada-United States-Mexico Agreement) goods, aluminum and steel, that were imposed last month -- remain in place.

A 25 per cent tariff on foreign-made cars and light trucks will come into effect at midnight.

Canadian vehicles will be exempt until the U.S. administration “establish(es) a process” to tax exclusively the non-American vehicle components of CUSMA-compliant products.

“We are going to fight these tariffs with countermeasures,” Carney said, noting that the U.S. signalled today that it may impose tariffs on pharmaceuticals, lumber and semiconductors.

“In a crisis, it’s important to come together. It’s essential to act with purpose and with force and that’s what we’ll do.”

He added that the government “will have more to say” after attending a series of meetings with his ministers, premiers and other key stakeholders this evening and tomorrow.

Carney made the brief remarks on his way to meet his cabinet to discuss today’s developments.

READ MORE: Trump implements sweeping reciprocal tariffs, PM Carney meeting with cabinet as Canada impact unclear

With files from Spencer Van Dyk

Bryann Aguilar, CTVNews.ca federal election journalist.

5:43 p.m. EDT: Canada exempt from today’s reciprocal tariff announcement, White House fact sheet states

A fact sheet from the White House states Canada is exempt from Wednesday’s reciprocal tariff announcement.

However, non-compliant CUSMA goods will see a 25 per cent tariff, and non-compliant CUSMA energy and potash will see a 10 per cent tariff.

A 25 per cent tariff on autos is still set to kick in at 12:01 a.m. Thursday.

CTV News

5:25 p.m. EDT: Reports suggest exemption

There are multiple reports suggesting Canada is exempt from the 10 per cent baseline tariff. CTV News is awaiting confirmation from the Prime Minister’s Office and the White House.

Luca Caruso-Moro, breaking news digital assignment editor

5:24 p.m. S&P/TSX composite, U.S. stocks close higher

The S&P/TSX composite index closed up 273.90 points, or more than one per cent, at 25,307.18.

In New York, markets zigzagged throughout the day, with the S&P 500 going between a loss of 1.1 per cent and a gain of the same magnitude.

The Dow Jones industrial average was up 235.36 points at 42,225.32. The S&P 500 index was up 37.90 points at 5,670.97, while the Nasdaq composite was up 151.16 points at 17,601.05.

The Canadian Press

4:54 p.m. EDT: Trump announces baseline 10% tariff on trading partners

Trump says the U.S. will impose a 10 per cent baseline tariff on trading partners, in addition to higher tariffs on a series of individual countries and a 25 per cent levy “on all foreign-made automobiles” that will come into effect on midnight Wednesday.

Trump did not immediately say whether that auto tariff would grant any exemption for vehicles made in Canada, or elsewhere in North America.

But he pointed to high tariffs in South Korea and Japan as particular problems for the U.S.

Trump called the imposition of sweeping tariffs on foreign goods “our declaration of economic independence,” while decrying past trade policies that, he said, damaged the country.

The Associated Press

4:45 p.m. EDT: Trump holds up chart

Trump held up a chart while speaking, showing: the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 24% on Japan and 32% on Taiwan. “Taxpayers have been ripped off for more than 50 years,” Trump said in remarks at the White House. “But it is not going to happen anymore.”

The Associated Press

4:44 p.m. EDT: Sweeping new tariffs

Saying “our country has been looted, pillaged, raped, plundered” by other nations, U.S. President Donald Trump announced sweeping new tariffs in his announcement on so-called “Liberation Day” Wednesday.

4:39 p.m. EDT: Trump announces reciprocal tariff levels

This is the full list of reciprocal tariffs that Trump announced:

• China: 34%
• European Union: 20%
• South Korea: 25%
• India: 26%
• Vietnam: 46%
• Taiwan: 32%
• Japan: 24%
• Thailand: 36%
• Switzerland: 31%
• Indonesia: 32%
• Malaysia: 24%
• Cambodia: 49%
• United Kingdom: 10%
• South Africa: 30%
• Brazil: 10%
• Bangladesh: 37%
• Singapore: 10%
• Israel: 17%
• Philippines: 17%
• Chile: 10%
• Australia: 10%
• Pakistan: 29%
• Turkey: 10%
• Sri Lanka: 44%
• Colombia: 10%

The Associated Press

4:31 p.m. EDT: U.S. to charge ‘approximately half’ in reciprocal fees

“For nations that treat us badly,” Trump said, “We will charge them approximately half of what they are, and have been, charging us.”

The president is now holding a large placard listing tariffs his government will put in place against other countries.

The entire list is not visible. It’s unclear if Canada is included.

Luca Caruso-Moro, breaking news digital assignment editor

4:24 p.m. EDT: Trump confirms auto tariffs

Trump confirmed his government will impose a 25 per cent tariff on all foreign-made automobiles, effective at midnight.

Trump unveiled the auto tariffs last week.

Holding up a hefty report on “foreign trade barriers,” Trump claimed trading partners “stole our intellectual property … adopted unfair rules” and “created filthy pollution havens.”

Luca Caruso-Moro, breaking news digital assignment editor

4:10 p.m. EDT: Trump arrives at the Rose Garden

Trump has taken the podium at the White House’s Rose Garden, where he will soon unveil highly anticipated details into his reciprocal tariffs plan.

“This is one of the most important days, in my opinion, in American history,” he said.

Luca Caruso-Moro, breaking news digital assignment editor

4:05 p.m. EDT: Watch for the small tariffs, says ex-BoC head

Former Bank of Canada governor Stephen Poloz says Canadians should watch for the smaller tariffs Trump may impose against this country, as they are more likely to be longer-lasting.

Speaking to CTV News’ Senior Political Correspondent Vassy Kapelos, he said Canada could see “quite a pause” in investment as companies attempt to weather the storm.

Luca Caruso-Moro, breaking news digital assignment editor

3:57 p.m. EDT: Gold climbs to near record ahead of Trump’s latest tariff reveal

Gold climbed toward a record ahead of U.S. President Donald Trump’s implementation of sweeping “reciprocal” tariffs, which are expected to take effect later Wednesday.

The precious metal rose as much as 0.7 per cent before paring some of the gains and was about US$26 an ounce short of its latest high, reached in the previous session.

Spot gold traded 0.2 per cent higher at $3,119.89 an ounce as of 2:29 p.m. in New York, after peaking at $3,149 on Tuesday.

Bloomberg News. Read the full story here.

3:48 p.m. EDT: Tariffs ‘unconstitutional,’ says Republican Sen. Rand Paul

Taking the U.S. Senate floor, Republican Sen. Rand Paul says the tariffs on Canada are unconstitutional and that the president does “not have the power to legislate” without consent from Congress, according to the U.S. “founding fathers.”

”This isn’t about political parties. I voted for and supported Trump, but I don’t support the rule of one person," he says.

In reference to Trump’s tariffs on Canada and Mexico, “this is a tax, plain and simple,” he explains.

And as per the American constitution, he says, “Taxes must originate in the House, they must be voted on in Congress. No one man can raise taxes on the people.”

The U.S. senate is set to vote on a resolution nullifying tariffs on Canada.

Lynn Chaya, CTV News breaking digital assignment editor

3:43 p.m. EDT: Market update

The S&P 500 was virtually unchanged in late trading, but only after careening between an earlier loss of 1.1 per cent and a later gain of 1.1 per cent. It’s had a pattern this week of opening with sharp drops only to finish the day higher.

The Dow Jones Industrial Average was up 31 points, or 0.1 per cent, with an hour remaining in trading, and the Nasdaq composite was 0.3 per cent higher. Both also veered from sharply lower in the morning to sharply higher in the afternoon and then doubled back.

The Associated Press. Read the full story here.

3:40 p.m. EDT: Trump administration confirms car tariffs start Thursday, auto parts on May 3

U.S. President Donald Trump’s administration on Wednesday confirmed that his 25 per cent global car and truck tariffs will take effect as scheduled on Thursday and that duties on automotive parts imports will be launched on May 3.

In a U.S. Federal Register notice adding details to Trump’s autos tariff proclamation issued last week, the White House directed the Commerce Department to establish a process within 90 days for adding more parts to the list, including at the request of domestic producers.

Doina Chiacu and David Lawder, Reuters

2:30 p.m. EDT: N.B. forestry sector braces for tariffs

Rick Doucett is the president of the New Brunswick Federation of Woodlot owners, a group that represents more than 40,000 private woodlot owners in the province.

He said woodlot owners worry tariffs will squeeze them further, should companies lower wood prices to cover costs of tariffs.

“Unfortunately, there’s no room at all for that strategy to be implemented against the private woodlot owners and private wood producers because the wood prices are so low, that that if they tried to lower the prices further to cover the cost of any new tariffs, they would probably drive most of the people out of business,” he said.

In a joint statement previously released by Forest NB, J.D. Irving Ltd., The New Brunswick Lumber Producers, it was estimated that about seven out of 10 municipalities in New Brunswick have at least one forestry business.

The statement also said 24,000 New Brunswickers work in forestry and 80 per cent of its forest products are exported to the U.S. — softwood and hardwood lumber, pulp and paper, shingles and more.

“A 25 per cent tariff forces Canadian companies to raise their lumber prices, disrupting a deeply integrated supply chain. This in turn will drive up housing costs and the prices of other forest-based products, hurting the pocketbooks of everyday Americans,” the statement read.

Sarah Plowman, CTV National News correspondent

2:28 p.m. EDT: Residents of aluminum-producing Quebec town feeling anxious

Aluminum is big business in Quebec, and the Saguenay region of the province alone is responsible for a third of Canada’s production.

Arvida is a sector that was once a company town, built nearly a hundred years ago around a smelter, and many in the region, like 85-year-old Marcel Tremblay, say they are anxious as they tune in to news today to hear whether the industry will take another hit. Tremblay worked as a mechanic at the aluminum plant, and his father and grandfather before him also worked there.

He has lived in the shadow of the smelter all his life, in what was then a company town founded by Arthur Vining Davis, an American who is considered the father of Canada’s aluminum industry. Tremblay has seen the industry face headwinds before, but says he worries about the fallout if the U.S. adds more layers of tariffs to the 25 per cent imposed on the steel and aluminum sector on March 12.

“I don’t know what will happen, I worry about my grandchildren,” he says.

Genevieve Beauchemin, CTV National News Quebec bureau chief

2 p.m. EDT: Carney set to convene cabinet and Canada-U.S. Council

With U.S. President Donald Trump is set to lay out the details of his reciprocal-tariff regime later today, Prime Minister Mark Carney is meeting with his Canada-U.S. Relations Council and cabinet to craft Canada’s response.

According to a source inside the Prime Minister’s Office, the government does not expect to get advanced warning of which sectors or products Trump will target.

Behind the scenes, several federal and provincial officials said they were caught off guard last week, as earlier talks with the White House had left them with the impression that Canada would receive some form of tariff exemption on automobile manufacturing.

The PMO source, who is not authorized to speak publicly, said Carney may not come out with an immediate response to Trump’s new round of tariffs.

Spencer Van Dyk, CTV News parliamentary bureau writer and producer. Read the full story here.

1:46 p.m. EDT: Trump’s tariffs are ‘absurd, crazy, chaotic,’ U.S. Sen. Schumer says

U.S. Senate minority leader Chuck Schumer slammed Trump’s tariffs on Canada in a press conference in front of reporters Wednesday.

Standing beside Democratic senators Tim Kaine, Peter Welsh and Angela Alsobrooks, he began his speech by pointing at a map of the U.S. with the costs of tariffs that would impact every state.

“This map has how much each state would pay for this absurd, crazy, chaotic trade war.”

He adds it’s estimated that American’s will pay US$5,000 out of pocket for the tariffs.

“I just talked to over 50 people in my state of New York, we’re right on the Canadian border,” he says, adding that Buffalo could see a real recession.

“Plattsburgh, 50 per cent of their businesses are Canadian-owned. What are they going to do?”

Following Schumer, Kaine said that tariffs on Canada are not the solution to the fentanyl problem, as it’s “not primarily a Canadian problem.”

He referenced the upcoming U.S. Senate vote to nullify the tariffs on Canada, saying he’s very proud of the bipartisan bill.

U.S. Sen. Rand Paul, a Republican, is set to take the Senate floor at 3:30 p.m. EDT.

Lynn Chaya, CTV News breaking digital assignment editor

1:30 p.m. EDT: Canadian oil patch enters trade war with highest prices in years

Canada’s oil patch is entering the trade war with the U.S. backed by the strongest pricing for its crude in four years, giving it a cushion against any potential declines and threatening high costs for American refiners and drivers.

Western Canadian Select ended Tuesday at $9.85 a barrel below West Texas Intermediate, the smallest discount since early April 2021.

The strong pricing, combined with the import tax, presents a challenge for U.S. Midwest refineries that rely on Canadian oil for as much as 70 per cent of the crude they process and have limited access to alternatives.

Bloomberg News. Read the full story here.

1:20 p.m. EDT: U.S. stocks swinging in final hours of trading

The S&P 500 was up 0.5 per cent in afternoon trading after rallying back from an early loss of 1.1 per cent.

The Dow Jones Industrial Average was up 154 points, or 0.4 per cent, after erasing an initial fall of 360 points, and the Nasdaq composite was 0.9 per cent higher, as of 12:43 p.m. Eastern time.

The Associated Press. Read the full story here.

1:13 p.m. EDT: Survey finds majority of Canadian manufacturing, auto sector exposed to tariffs

A new survey finds that the vast majority of respondents in key industries say their firm is at least partly exposed to tariffs, and some are considering moving production to the U.S.

A survey from PWC Canada found that 97 per cent of respondents in the manufacturing and automotive sectors reported being at least partially exposed to tariffs. Meanwhile, 19 per cent of respondents said they are considering moving production to the U.S., with that figure rising to 37 per cent for firms in the automotive and manufacturing sectors.

Michael Dobner, a partner, PWC Canada, said in an interview with BNN Bloomberg Wednesday that the number of firms considering relocation is broadly “in line with what our hypothesis was” based on discussions with companies.“

This does not mean those people or those companies are moving tomorrow to the U.S., but definitely they considered that at least as a worst-case scenario to move to the U.S. in order to avoid losing business,” he said.

Daniel Johnson, BNN Bloomberg journalist. Read the full story here.

1:05 p.m. EDT: Companies preparing for tariff turbulence

Impending U.S. tariffs have pushed Canadian companies to stockpile goods, cut back staff and put projects on hold to help them survive the economic turmoil ahead.

The threats have forced a variety of company responses, ranging from businesses rolling out advertising to emphasize their Canadian ties, looking to secure new suppliers, and holding off on providing financial forecasts because of the huge uncertainty.

The Canadian Press. Read the full story here.

1 p.m. EDT: What about those fentanyl-related tariffs?

While it’s not clear what the latest “Liberation Day” levies could mean for Canada, the country could also face a second hit with the return of fentanyl-related duties at the same time.

In early March, Trump imposed — and then partially paused — 25 per cent across-the-board tariffs on Canada and Mexico, with a lower 10 per cent levy on energy, and linked the duties to the flow of fentanyl across the border. U.S. government data shows that only a very small volume of the drug is seized at the northern border.

The Annual Threat Assessment report, released last week, does not mention Canada in its section on illicit drugs and fentanyl. The president had said those tariffs would return Wednesday — but the White House indicated earlier this week that no decision had been made. Trump said last week that Canada and Mexico had “stepped it up” — but an incoming U.S. Senate resolution to end the emergency at the northern border has put Canada back in the president’s crosshairs on social media.

“Mitch McConnell of Kentucky, Susan Collins of Maine, Lisa Murkowski of Alaska, and Rand Paul, also of Kentucky, will hopefully get on the Republican bandwagon, for a change, and fight the Democrats wild and flagrant push to not penalize Canada for the sale, into our Country, of large amounts of Fentanyl, by Tariffing the value of this horrible and deadly drug in order to make it more costly to distribute and buy,” Trump posted just before 1 a.m. EDT Wednesday.

It’s not clear what the president meant when he said he would impose tariffs on fentanyl coming from Canada.

The Canadian Press

On the trail: Caroline Mulroney endorses Pierre Poilievre

Ontario cabinet minister Caroline Mulroney was front and centre at Pierre Poilievre’s breakfast address Wednesday, even as Ontario Premier Doug Ford has said his MPPs were too busy to help campaign federally.

Mulroney attended a breakfast at the 8th floor downtown Toronto event venue Arcadian Court, along with her husband, and, according to her opening comments, one of their four children. Mulroney and her husband were seated at the head table with Poilievre, and Mulroney introduced — and clearly endorsed —the Conservative leader.

Last month, Ford said he wouldn’t support any of the candidates, and that his MPPs are “absolutely swamped” doing their jobs to help the federal Conservatives. When asked by CTV News why she chose to help Poilievre given the comments, she said, “He’s my friend and I was asked to introduce him, and I was happy to help.”

She said the premier knew about her involvement. Mulroney’s opening comments focused much on her late father, former prime minister Brian Mulroney. The late Mulroney is known for negotiating the first free trade agreement with the United States, and, similar to today, U.S.-Canada free trade was the most important and dominating topic in the 1988 election campaign.

Caroline Mulroney quoted her father as saying Canadians “don’t have to be fearful and timorous in respect of anyone else,” in regards to the United States, and says she believes Poilievre understands that too. She also said her father was one of the first donors to Poilevre’s first ever campaign to be an MP two decades ago.

“President Trump may be around for at least another four years, but Canada’s path forward does not depend on him, nor should it,” said Mulroney. It depends on us Canadians from all walks of life to ensure that we stand strong in the face of his threat. That’s what Pierre has been fighting for in the House of Commons and throughout this campaign,” Mulroney said.

Abigail Bimman, CTV News national correspondent, with files from Joshua Freeman, CP24.com journalist

12:02 p.m. EDT: Carney plans high-stakes tariff meetings

Prime Minister Mark Carney has called closed-door meetings with his U.S.-relations and security teams this afternoon.

The meetings, one virtual and one in-person, will take place at 3 p.m. and 5:30 p.m. EDT, bookending Trump’s Rose Garden address, where he will explain his tariff agenda. He’s also expected to convene a meeting with premiers, though that may not take place until Thursday morning.

Carney has paused his federal election campaign to return to Ottawa in order step back into his role as prime minister to confront Trump’s so-called “Liberation Day” levies.

A source inside the Prime Minister’s Office said the government does not expect to get advanced warning of what sectors or products Trump will target.

It’s the second time Carney has put the campaign on hold. Last week, he was forced to delay a campaign swing through Quebec by 18 hours, after Trump signed an executive order to impose 25 per cent tariffs on foreign autos. Those duties are on top of the 25 per cent tariffs on steel and aluminum that took effect on March 12.

The PMO source, who is not authorized to speak publicly, said Carney may not come out with an immediate response to Trump’s new round of tariffs.

”The Prime Minister may wait a day before he responds,” the source said, so the government can assess how best to target its trade actions to “hit the U.S. with maximum impact while limiting pain on Canadians.”

In his first call with Trump on Friday following the surprise auto tariffs, Carney said he told Trump that Canada will retaliate. It was a point he re-iterated to reporters travelling with his campaign on Tuesday.

”We will not disadvantage Canadian producers and Canadian workers relative to American workers. There are measures we can take that at a minimum, level the playing field with the United States.“

Carney also said Canada’s response will depend on how broad the next round of tariffs will be. On top of Wednesday’s reciprocal tariffs, a two-month reprieve on 25 per cent levies on all Canadian imports — which are related to border security — is set to expire that same day.

Judy Trinh, national correspondent, Luca Caruso-Moro, breaking news digital assignment editor

11:57 a.m. EDT: TSX rises before Trump’s announcement

Stock markets in Canada and the United States were up in late-morning trading ahead of U.S. President Donald Trump’s latest announcement of tariffs, expected after markets close.

The S&P/TSX composite index was up 55.06 points at 25,088.34.

In New York, the Dow Jones industrial average was up 157.26 points at 42,147.22. The S&P 500 index was up 21.06 points at 5,654.13, while the Nasdaq composite was up 97.92 points at 17,547.81.

The Canadian Press. Read the full story here.

11:30 a.m. EDT: Poilievre says he hasn’t used connection in U.S. administration

Conservative Leader Pierre Poilievre says that while he may strongly disagree with Prime Minister Mark Carney, he has been careful not to do anything to divide Canada’s voice in dealing with the U.S. administration, despite a high-level connection between one member of his team and the White House.

“I’ve been operating with the rule of one prime minister at a time,” Poilievre told reporters when asked whether he’s enlisted Jamil Jivani to engage the Trump administration.

Jivani, who is running for the Conservatives to defend his seat in the Ontario riding of Durham, is close friends with U.S. Vice-President J.D. Vance, going back to their time together at Yale.

“I’ve been very careful not to do anything to divide Canada’s voice when communicating with the executive branch of the United States government,” Poilievre said. “And so that’s why I have not contacted anyone in the U.S. executive administration. I’m doing my homework, and I built a plan, and that’s the plan that I laid out here today.”

Poilievre gave a speech in downtown Toronto Wednesday morning in which he laid out his vision for dealing with Trump’s threats, both in the short-term and the long-term.

Joshua Freeman, CP24.com journalist

10:57 a.m. EDT: Singh talks tariffs, backed by union workers

NDP Leader Jagmeet Singh is starting his morning unveiling his “plan to protect workers, safeguard jobs, protect health care and ensure Canadian families don’t bear the brunt” of U.S. President Donald Trump’s tariffs.

Singh is speaking at a training centre for the private building trades union known as the Laborers’ International Union of North America (LiUNA) in Winnipeg.

He is backed by LiUNA workers, as well as members of Unifor, the UFCW, CUPE and other unions.

Today’s announcement from the NDP is a combination of new commitments and a restating of tariff-response commitments Singh has made previously.

In terms of what’s new, Singh is specifying that his longstanding promise to boost EI would be through raising the maximum insured earnings and the 55 per cent benefit rate. Combining both would mean workers impacted by layoffs would get “substantially more” to help pay their bills, the NDP says.

The NDP are also committing to “undertake a massive building plan to keep construction, steel, and other workers on the job,” and to impose a “no-trade clause” for services and rights Singh sees as quintessentially Canadian. That pledge would put a hard red line on the negotiating table with Trump when it comes to women’s rights, critical minerals, potash, healthcare, medicine, hydro, water, the Charter of Rights and Freedoms, and treaty rights.

Later today Singh will be joining striking workers on a picket line, before bringing his campaign back to Ottawa. Notably, Singh will be in the air as Trump’s major tariff news is expected to be breaking. Travelling media will look to scrum Singh to get his reaction upon arrival in the nation’s capital.

Rachel Aiello, CTV News national correspondent. Read more from The Canadian Press.

10:30 a.m. EDT: Ontario premier tells CNN that tariffs ‘are nothing but a tax on Americans’

Ontario Premier Doug Ford tells CNN that more tariffs set to be announced by U.S. President Donald Trump “are nothing but a tax on Americans.”

Ford made the comment during an interview with Wolf Blitzer on Wednesday morning. It was his second U.S. media appearance of the day.

“The lumber that homes are built with, the majority of it is coming from Canada so it is going to increase the cost of a house,” Ford warned. “The autos as well. We ship as many autos as we buy but the cost of a pickup truck or an automobile is going to go up and then the pharmaceuticals that he (Trump) is going to go after; it is going to hurt seniors on fixed incomes that get a lower cost on pharmaceuticals here in Canada.”

Ford told CNN that Canadians are united and are “ready to sacrifice” when it comes to potential retaliatory action that could be taken by the federal government. He predicted that while Americans may not have felt the impact of the ongoing trade war so far, they likely will soon.

“I have a tremendous amount of friends in the U.S. and they are kind of going on their merry way until they get hit and they are going to get hit hard based on President Trump continuing to tariff,” Ford said.

Chris Fox, CP24.com and CTVNewsToronto.ca managing digital producer. Read the full story here.

10:16 a.m. EDT: Poilievre says Canada needs long-term plan to deal with Trump, lays out ‘red lines’

Conservative Leader Pierre Poilievre says there are there three parts to how Canada needs to respond to Trump: an immediate response, a response after the election and a long-term plan to bolster Canada’s economy and make it less dependent on the U.S.

“We need a long-term plan to build our economic fortress in Canada so we are never vulnerable to these kinds of threats again,” Poilievre told a crowded room of supporters at a downtown Toronto campaign stop.

He reiterated that Canada “will never be the 51st state” and said the country is at a “pivotal moment” when it has to choose its direction.

“The immediate response must be targeted, reciprocal tariffs, targeted narrowly at those American goods we don’t need, can make ourselves, or buy elsewhere to maximize impact on the Americans while minimizing impact on ourselves,” Poilievre said.

He said in the short-term, keeping people working must be a priority and that if elected, the Conservatives will launch a “keeping Canadians working fund” to offer a targeted temporary loan program for businesses that are directly hit, helping them keep workers on the job.

He also said that as prime minister, he would propose that both countries pause all tariffs in order to focus on renegotiating a new trade agreement with a set date.

Poilievre said that while he will not reveal all his negotiating tactics, there are several “red lines” he would not cross in negotiations with the U.S.

“I will protect our control over our border, our security, our resources, our farmers, including our supply managed farmers, our fresh water, our automotive workers,” Poilievre said. “Also, we will protect our sovereignty, our laws, our currency, our dollar, our land, our waters, our sky, our culture, our official languages, and our resources and indigenous rights will not be under the control of any other country. This is non-negotiable.”

He promised that any extra revenue generated from expanded trade with the United States “will go right into our armed forces,” but said he will also demand that the U.S. “do their part” to stop illegal guns crossing over the border.

Joshua Freeman, CP24.com journalist. Read the full story here.

10:10 a.m. EDT: Trump blasts Republican senators for backing anti-tariff bill

U.S. President Donald Trump is criticizing four Republican senators expected to vote today in favour of a resolution aimed at undoing the tariffs against Canada.

While the White House didn’t respond to CTVNews.ca’s request Tuesday to comment on the bill attempting to end the emergency powers invoked to impose the tariffs, Trump singled out the senators in a post on Truth Social early Wednesday morning and accused them of “suffering from Trump Derangement Syndrome.”

“They are playing with the lives of the American people, and right into the hands of the Radical Left Democrats and Drug Cartels,” Trump wrote, reiterating that he’s justifying the tariffs because of the “large amounts” of fentanyl he alleges comes from Canada, though some data disputes his claims.

Referring to Republican senators Mitch McConnell of Kentucky, Susan Collins of Maine, Lisa Murkowski of Alaska and Rand Paul of Kentucky, he said, “The Senate Bill is just a ploy of the Dems to show and expose the weakness of certain Republicans ... in that it is not going anywhere because the House will never approve it and I, as your President, will never sign it.”

Christl Dabu, CTVNews.ca national affairs writer. Read the full story here.

10:04 a.m. EDT: Wall Street opens lower ahead of tariff announcement

U.S. stocks are falling in the final hours before U.S. President Donald Trump unveils the tariffs he promised as part of his “Liberation Day” that could drastically remake the global economy and trade.

The S&P 500 was 0.9 per cent lower in early trading Wednesday, but it’s had a pattern this week of opening with sharp losses only to finish the day higher.

The Dow Jones Industrial Average was down 220 points, and the Nasdaq composite was down 1.4 per cent. Markets have been shaky because of all the uncertainty around just what Trump will announce about the new tariffs.

The Associated Press. Read the full story.

10:02 a.m. EDT: Prices to rise on products, even those without tariffs: expert

As new U.S. tariffs loom, one business expert warns that the trade war could drive up prices on many kinds of products, including those not targeted by specific levies.

“We will see price increases across the board anywhere between 10 per cent and 50 per cent, depending on how much of the value-add is happening in the United States,” said Western University’s Andreas Schotter in an interview with CTV Your Morning Wednesday.

“What is much more worrisome is the continuing slide in the Canadian dollar, affected by these measures and the current trade war, which will put additional pressure on products.”

Goods like new automobiles, consumer electronics and processed foods are under threat, he notes, but so are things like gas and used cars, not because of the tariffs and counter-tariffs themselves, but the inflationary pressures and impacts on supply and demand they create.

Charlie Buckley, CTVNews.ca national digital producer. Read the full story here.

9:32 a.m. EDT: Premier Ford believes Canada would drop tariffs if Trump does the same

Ontario Premier Doug Ford says he believes that Canada would drop its tariffs on goods south of the border if U.S. President Donald Trump stops his trade war.

Ford made the comment in an interview with CNBC’s Ross Sorkin Wednesday morning when the host alluded to Canada’s $60 billion in retaliatory tariffs on products imported from the United States.

Ford is currently the chair of Canada’s Council of the Federation of premiers and has participated in bilateral discussions with U.S. officials in the past.

However, it should be noted that the tariffs placed on some U.S. goods are ultimately the responsibility of the federal government.“We’d be willing to take those off tomorrow, if he took all the tariffs off. We are not the problem,” Ford said.

Phil Tsekouras, CTVNewsToronto.ca journalist. Read the full story here.

9:28 a.m. EDT: Steelworkers’ union fears more layoffs with reciprocal tariffs

Members of the steelworkers’ union are feeling “a lot of uncertainty” as they await news about the reciprocal tariffs, a union representative said Wednesday.

John Catto, area co-ordinator of United Steelworkers Local 5328 in Hamilton, Ont., told CTV’s Your Morning workers have already seen the impacts of tariffs imposed last month on steel and aluminum.

According to the union, 350 steelworkers have lost their jobs so far because of the March 12 tariffs.

“Some employers are trying to adjust their customer base and direct more of their products at same side of the border. We certainly expect that there will be effects and there will be potential job losses, but we don’t know what the total effect will be,” Catto said.

Christl Dabu, CTVNews.ca national affairs writer.

8:31 a.m. EDT: Canadian canola crop faces double tariff threat from U.S., China

Canadian canola might be the crop with the most to lose from U.S. President Donald Trump’s sweeping reciprocal tariffs due Wednesday that are set to shake up demand.

The tiny oilseed, which grows from a small plant with bright yellow flowers and gets its name from a combination of the words “Canada” and “ola,” for oil, is already facing tariffs from China while U.S. levies are looming.

Together, the top two importers brought in canola products worth $12.6 billion (US$8.8 billion) in 2024, according to the Canola Council of Canada.

“The situation we are facing now is pretty unique,” said Chris Davison, president of the council. “This is the first time we’re facing a tariff-driven situation with our two largest markets at the same time.”

Full story on BNNBloomberg.ca

8:15 a.m. EDT: Wall Street sags ahead of Trump’s latest tariff rollout

Wall Street pointed toward losses before the opening bell Wednesday before U.S. President Donald Trump reveals details about the latest round of U.S. tariffs on trading partners.

Futures for the S&P 500 slid 0.6%, while futures for the Dow Jones Industrial Average lost 0.5%. Futures for the Nasdaq, where many of the big technology companies trade and already in correction territory, slipped another 0.7%.

Every sector in the S&P is in the red save for consumer staples. Sectors containing autos, transportation, industrials and technology were hardest hit.

Full story on BNNBloomberg.ca

Carney, Mexican president talk ‘unjustified’ trade war

Prime Minister Mark Carney spoke with Mexican President Claudia Sheinbaum on Tuesday about Canada’s plan to “fight unjustified trade actions” by the United States, the prime minister’s office said.

“With challenging times ahead, Prime Minister Carney and President Sheinbaum emphasized the importance of safeguarding North American competitiveness while respecting the sovereignty of each nation,” Carney’s office said in a statement.“Prime Minister Carney also highlighted his plan to fight unjustified trade actions against Canada.”

Reuters. Read the full story here.

U.S. government classifies Quebec’s Bill 96 as ‘foreign trade barrier’

The United States government has pinpointed Quebec’s Bill 96, “An Act respecting French, the official and common language of Quebec,” as a hindrance that could impact trade between the U.S. and Canada.

The 2025 National Trade Estimate Report on Foreign Trade Barriers, published last month, highlights “significant foreign barriers to U.S. exports, U.S. foreign direct investment, and U.S. electronic commerce.”

It outlines, country by country, what the Office of the United States Trade Representative (USTR) believes to be “unfair trade practices [that] undermine U.S. exporters’ competitiveness and, in some cases, prevent U.S. goods from entering the foreign market entirely.”

Rachel Lau and Erika Morris, CTVNewsMontreal.ca reporters. Read the full story here.

A new era of risk for the global economy

U.S. President Donald Trump on Wednesday is set to announce the most expansive U.S. trade restrictions in a century, at a stroke upending the postwar global trading system and posing difficult-to-predict economic risks.

The lack of details so far on the structure, size and targets of the levies have left the world “flying blind” heading into the big announcement day, according to Nomura Holdings Inc. chief economist Rob Subbaraman.

“The Trump administration’s proposed reciprocal tariffs mean different things to different people,” he wrote in a recent note to clients. While a direct approach means the U.S. matching the levies that other nations impose on U.S. goods, “we suspect the criteria for U.S. reciprocal tariffs will be much broader than that, and indeed more difficult to quantify.”

Full story on BNNBloomberg.ca

‘A sham’: U.S. senators push bill aimed at undoing Canada tariffs

As U.S. President Donald Trump’s planned reciprocal tariffs loom this week, U.S. Sen. Tim Kaine is among Democrats pushing to pass legislation that aims to revoke them.

Kaine of Virginia, along with fellow Democratic senators Amy Klobuchar of Minnesota and Mark Warner of Virginia, filed the bill March 12 to undo the tariffs on Canadian goods.

Kaine, Hillary Clinton’s Democratic running mate in the 2016 U.S. presidential election, expects the vote from the Senate either later Tuesday or Wednesday.

The resolution challenges Trump’s emergency powers, which Kaine said the president is using to justify imposing the massive tariffs on Canadian imports into the United States.

Christl Dabu, CTVNews.ca National Affairs Writer. Read the full story here.

‘A big concern’: Tourism official worried about drop in Canadian visitors

A top tourism official in Western New York says he is concerned about a dip in visitors from Canada after recent data revealed that the number of cross-border visits from Canadians dropped significantly in February amid an ongoing trade war.

Speaking to CP24.com on Monday, Patrick Kaler, president and CEO of Visit Buffalo Niagara, said cross-border travel from northern neighbours dropped 14 per cent year-over-year in February.

“I am hearing anecdotally from our hotels, our attractions, that they are seeing a downturn in their overall Canadian visitation,” he said.

He said he fears when the March border data comes in, it will show a similar trend.

“This is a big concern for us,” Kaler said.

Codi Wilson, CP24.com journalist. Read the full story here.

Here’s a timeline of how we got here:

Wyatte Grantham-Philips, The Associated Press

Jan. 20

Trump is sworn into office. In his inaugural address, he again promises to “tariff and tax foreign countries to enrich our citizens.” And he reiterates plans to create an agency called the External Revenue Service, which has yet to be established.

On his first day in office, Trump also says he expects to put 25 per cent tariffs on Canada and Mexico starting on Feb. 1, while declining to immediately flesh out plans for taxing Chinese imports.

Feb. 1

Trump signs an executive order to impose tariffs on imports from Mexico, Canada and China – 10 per cent on all imports from China and 25 per cent on imports from Mexico and Canada starting Feb. 4. Trump invoked this power by declaring a national emergency -- ostensibly over undocumented immigration and drug trafficking. The levies on Canada and Mexico threaten to blow up Trump’s own USMCA trade deal, which allowed many products to cross North American borders duty free.

The action prompts swift outrage from all three countries, with promises of retaliatory measures.

Feb. 3

Trump agrees to a 30-day pause on his tariff threats against Mexico and Canada, with both trading partners taking steps to appease Trump’s concerns about border security and drug trafficking.

Feb. 10

Trump announces plans to hike steel and aluminum tariffs. He removes the exemptions from his 2018 tariffs on steel, meaning that all steel imports will be taxed at a minimum of 25 per cent, and also raises his 2018 aluminum tariffs to 25 per cent from 10 per cent set to go into effect March 12.

Feb. 13

Trump announces a plan for “reciprocal” tariffs -- promising to increase U.S. tariffs to match the tax rates that other countries charge on imports “for purposes of fairness.” Economists warn that the reciprocal tariffs, set to overturn decades of trade policy, could create chaos for global businesses.

Feb. 25

Trump signed an executive order instructing the Commerce Department to consider whether a tariff on imported copper is needed to protect national security. He cites the material’s use in U.S. defense, infrastructure and emerging technologies.

March 1

Trump signs an additional executive order instructing the Commerce Department to consider whether tariffs on lumber and timber are also needed to protect national security, arguing that the construction industry and military depend on a strong supply of wooden products in the U.S.

March 4

Trump’s 25 per cent tariffs on imports from Canada and Mexico go into effect, though he limits the levy to 10 per cent on Canadian energy. He also doubles the tariff on all Chinese imports to 20 per cent.

All three countries promise retaliatory measures. Then-Canadian prime minister Justin Trudeau announces tariffs on more than $100 billion of American goods over the course of 21 days.

March 5

Trump grants a one-month exemption on his new tariffs impacting goods from Mexico and Canada for U.S. automakers. The pause arrives after the president spoke with leaders of the “Big 3” automakers -- Ford, General Motors and Stellantis.

March 6

In a wider extension, Trump postpones 25 per cent tariffs on many imports from Mexico and some imports from Canada for a month. But he still plans to impose “reciprocal” tariffs starting on April 2.

Trump credited Sheinbaum with making progress on border security and drug smuggling as a reason for again pausing tariffs. His actions also thaw relations with Canada somewhat, although outrage and uncertainty over the trade war remains. Still, after its initial retaliatory tariffs of $30 billion Canadian (US$21 billion) on U.S. goods, the government said it had suspended its second wave of retaliatory tariffs worth $125 billion Canadian (US$87 billion).

March 12

Trump increases tariffs on all steel and aluminum imports to 25 per cent, removing exemptions from his 2018 tariffs on the metals in addition to increasing the tariffs on aluminum from 10 per cent.

March 24

Trump says he will place a 25 per cent tariff on all imports from any country that buys oil or gas from Venezuela, in addition to imposing new tariffs on the South American country itself, starting April 2.

The tariffs would most likely add to the taxes facing China, which in 2023 bought 68 per cent of the oil exported by Venezuela, per the U.S. Energy Information Administration. But a number of countries also receive oil from Venezuela -- including the United States itself.

March 26

Trump says he is placing 25 per cent tariffs on auto imports, a move that the White House claims would foster domestic manufacturing. But it could also put a financial squeeze on automakers that depend on global supply chains.

These auto imports will start being collected April 3 -- starting with taxes on fully-imported cars. The tariffs are set to then expand to applicable auto parts in the following weeks, through May 3.