Prime Minister Justin Trudeau is expected to take questions later this morning about how Canada will respond in the face of sweeping tariffs imposed by U.S. President Donald Trump.
- Prime Minister Justin Trudeau to speak at 10:30 a.m. ET
- We’re expecting to hear from other federal leaders, provincial premiers later this morning.
- Some provinces are already rolling out retaliatory measures, including bans on U.S. booze.
- Markets are roiling in response to tariffs.
- 11 minutes agoCatharine Tunney
- Employment Minister Steven MacKinnon says the federal government is looking at ways to support workers who may find themselves out of a job, even temporarily, due to the tariffs.
- Speaking at an unrelated news conference on Tuesday, MacKinnon suggested Prime Minister Justin Trudeau will have more to say about supports when he speaks later this morning.
- CBC News will have live coverage of Trudeau’s remarks. You can watch in the player above.
- Previously, the government has suggested it would be able to adjust the criteria for programs like employment insurance to make sure workers in exposed industries are supported during these unpredictable times.
- 15 minutes agoJenna Benchetrit
- Trump lamented in a Truth Social post this morning that U.S. banks aren’t allowed to do business in Canada. It’s not the first time he’s made this claim — we fact-checked it just a few weeks ago.
- As one expert told me, U.S. banks can operate in Canada, but it’s more difficult for them to become major players, or what are known as Schedule I banks.
- Schedule I banks are Canadian-owned institutions that accept deposits — that’s often a dissuading factor for U.S. banks that don’t want to relinquish ownership. And Canada’s Big Six banks already have an entrenched network of loyal clients, making for tough competition.
- Read more here
- 22 minutes agoJohn Rieti
- If you’ve been doing your best to tune out the tariff headlines with hopes this day wouldn’t come to pass, don’t worry.
- CBC News has this breakdown of all things tariffs that covers the basics (what is a tariff? Who pays for them?) and the more complex parts of this issue (Can we cut the U.S. off from our energy?)
- 24 minutes agoSarah Leavitt
- Quebec Premier François Legault says the tariffs from the United States could mean job losses in the province to the tune of between 100,000 and 160,000.
- While he was more level than Ontario Premier Doug Ford in response to the Trump administration’s move, Legault would not rule out cutting off electricity exports to the U.S.
- The government has also announced it will offer short-term loans to businesses that apply, to help stave off the immediate impact of the tariffs.
- 26 minutes agoJohn Rieti
- President Donald Trump speaks in the Roosevelt Room of the White House in Washington, Monday, March 3, 2025. (AP)
- Probably only Trump himself knows what the goal is here.
- Publicly, the president has said he wants to punish Canada for a supposedly lax approach to drugs and migrants, even though data shows a border crackdown is already producing results and the flow of fentanyl south is limited.
- On Monday, he said:
- “Very importantly, tomorrow, tariffs, 25 per cent on Canada and 25 per cent on Mexico, and that will start. So, they’re gonna have to have a tariff,” Trump said.
- Asked if there’s anything Canada can do to try to hold off the tariffs, Trump said: “No room left for Mexico or Canada.”
- 31 minutes agoJohn Rieti
- Via Alexander Panetta in Washington: “Canada can huff, and puff, but if anything’s going to blow down Donald Trump’s house of tariffs, it’s going to be the reaction within the United States.”
- Specifically, the reaction of the stock market.
- Get more on that here.
- 33 minutes agoJohn Rieti
- Via Peter Armstrong in our business unit: “Stock markets plunged on the open today. The Dow fell 350 points at the opening bell. The S&P 500 fell 56 points (about one per cent).
- “Investors appear to be worried the tariffs will slow growth and drive down valuations.”
- 1 hour agoJohn Rieti
- U.S. President Donald Trump has gone ahead with his plan to levy a 25 per cent tariff against most Canadian exports Tuesday, with a lower 10 per cent tariff on energy products.
- Canada and individual provinces are gearing up to retaliate, even though none of them actually wanted these tariffs to happen. We’re expecting to hear more this morning.
- Keep this page open, as we’ll be updating throughout the day as we learn more.
- This story is dominating international headlines today, but expect this coverage to be Canada-focused.
- If you’re looking for a traditional story on how the tariffs came to pass, our CBC Politics team has you covered here.
