U.S. President Donald Trump announced a "minimum baseline tariff" on Wednesday during an event he and the White House dubbed "Liberation Day."
Trump signed a "historic executive order, instituting reciprocal tariffs on countries throughout the world." However, Canada and Mexico, the two other countries in the Canada-United States-Mexico Agreement, didn't appear to be on the table Trump presented.
"Reciprocal, that means they do it to us and we do it to them ... This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence."
Trump said that for years, "hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense, but now it's our turn to prosper." He said the tariffs will generate "trillions and trillions of dollars" to reduce taxes and pay down the country's national debt.
He added it "will all happen very quickly."
The executive order, according to a fact sheet from the White House, Trump will impose a 10-per-cent tariff on all countries. That will take effect at midnight on April 5.
The order also includes an "individualized reciprocal higher tariff" on the countries with which the U.S. has the largest trade deficits. Those tariffs will take effect April 9 at midnight.
The White House says President Donald Trump has secured nearly $5 trillion in investment and trade commitments from across the globe, according to a post to X Wednesday (April 2).
Press secretary Karoline Leavitt said Trump would be taking "historic action" to "improve American competitiveness in every area of industry, reduce our massive trade deficits and ultimately protect our economic and national security." However, the White House remained tight-lipped until Wednesday afternoon on what "Liberation Day" would entail.
Ahead of the event, Liberal Leader Mark Carney Tuesday evening to return to Ottawa to discuss the impending tariff announcement. On the same day, he spoke with Mexican President Claudia Sheinbaum, whose country was also set to be targeted in the latest round of tariffs.
In a readout from the Prime Minister's Office, it said Carney and Sheinbaum had a "productive call, discussing the importance of building upon the strong trading and investment relationship between the two countries, to benefit Canadians and Mexicans alike."
"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."
Federal NDP Leader Jagmeet Singh said after Trump's tariff he would be announcing the next day his plan for "nation-building, war-time measures to Trump-proof Canada."
Tomorrow, I will announce my plan: nation-building, war-time measures to Trump-proof Canada.
鈥� Jagmeet Singh (@theJagmeetSingh)
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 also released a six-point plan to protect Canadian workers from Trump's trade war. The plan included an improvement to employment insurance, safeguarding jobs through strategic investments and defending Canada's sovereignty with a "no-trade" clause.
More to come.
