US Canada Tariffs / Trump will now charge 50% duty from this country instead of 25%

US President Donald Trump increased the duty on steel and aluminium products coming from Canada from 25% to 50%. He also announced to impose duty on India and China from April 2. This move has increased the fear of trade war intensifying and affecting the global economy.

US Canada Tariffs: US President Donald Trump on Tuesday announced to increase customs duty on steel and aluminum products coming from Canada from 25% to 50%. This move has been taken in response to the increased prices of electricity sold to the US by the Ontario government.

Trump wrote on 'Truth Social' that he has instructed the Commerce Minister to impose an additional 25% duty on all steel and aluminum products coming from Canada. This decision is likely to further increase tensions in trade relations between the US and Canada.

Fears of global recession

This new move of the Trump administration may shock the global economy. Trump has already advocated increasing tariffs on imports from China, Canada and Mexico. Retaliatory tariffs have also been announced on other countries including India, raising fears of a global recession.

Fall in US stock market

Immediately after this announcement by Trump, the US stock market saw a huge decline. Uncertainty increased among investors, leading to selling in the market. The Trump administration is now under pressure to prove that its policy decisions will not harm the US economy.

Tariffs on India and China from April 2

Trump also announced that additional customs duties will be imposed on India and China from April 2. He made it clear to Prime Minister Narendra Modi that India will not be exempted from US retaliatory tariffs. Trump believes that this duty structure will benefit American industries and encourage companies to open their factories in the US.