Wednesday April 2, 2025 | WASHINGTON, DC [Reporting from VICTORIA, BC]
by Mary P Brooke | Island Social Trends
After weeks of tariff threat escalation by the US Administration that has led to anxiety in Canada as to potential impacts on our economy, today President Donald Trump announced a barrage of tariffs on most major trading nations of the world.
His televised “Liberation Day” event began at 4 pm Eastern (1 pm Pacific).
The new tariffs are a bid to boost U.S. manufacturing and punish other countries for what he says are years of unfair trade practices. But by most economists’ assessments, the move threatens to plunge the economy into a downturn and upend decades-old alliances.
Trump listed off large tech companies that will be investing in the US now, instead of overseas, starting at six trillion in investments. That includes a new investment of $500 billion by both Apple and Meta.
Medical supply company Johnson & Johnson is investing $55 billion.
“This is transforming our entire nation,” said Trump. “We’re going to become an industrial powerhouse.”
Trump read off a chart that he held himself at the podium, itemizing the tariffs that would be charged to various countries around the world. He did not manage to get to Canada on the list (that portion was hidden behind the podium from the available TV angle).
Complaints from “globalists and out-sourcists and the fake news” will come rolling in, said Trump.
“It’s such an honour to finally be able to do this,” said Trump, who reminded the audience that he’s been giving speeches on what he believes is the detrimental aspect of globalism to the United States.
“This will be an entirely different country in a short period of time,” said Trump.
The US government will not be cutting social services or medicaid and medicare payments, said Trump.
Canadian impacts:
Both CBC and CTV provided an hour of political and economic analysis ahead of Trump’s televised speech.
At this point (2 pm PT) the CUSMA partners (Canada and Mexico) are not included on the tariff list of baseline tariffs as presented today. But there will be a 25% tariff on any cars exported from Canada into the United States.
If Americans buy cars that are built in America the purchasers will get an interest rate tax deduction, said Trump.
If Canada is presently exempt from baseline (across-the-board) tariffs this is likely to boost Mark Carney’s chances as the Liberal leader in the current Canadian federal election. Carney has had one phone call with Trump in recent days, which was called ‘constructive’ and ‘productive’ by both parties.
Today there was no mention by Trump as Canada being “the 51st state” but he did take aim at supply management (specifically dairy).
Canadians should note that Health Canada has different standards for milk and dairy product quality compared to the US. In Canada, no growth-hormone is allowed in Canadian dairy milk products.
Timeline:
The Bill introducing all these changes still needs to be passed by legislators. To date, it’s been done by Executive Order.
“We need to pass this bill,” said Trump.
“We’re going to have a free and very beautiful nation,” said Trump.
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NEWS SECTIONS: CANADA-NATIONAL | CANADA-USA | TARIFFS & TRADE