U.S. President Donald Trump has announced plans to impose a 25% import tax on all steel and aluminium entering the U.S., a move expected to hit Canada the hardest. Speaking aboard Air Force One en route to the Super Bowl, Trump declared that tariffs would apply to “everybody” and hinted at further reciprocal duties on nations taxing U.S. imports.
Ontario Premier Doug Ford criticized the decision, accusing Trump of “shifting goalposts” and endangering economic stability. The announcement triggered declines in South Korean steel and auto stocks, with POSCO Holdings and Hyundai Steel dropping over 3%.
Trump also signed a controversial proclamation renaming the Gulf of Mexico as the “Gulf of America,” prompting backlash from Mexico. Additionally, he reiterated his improbable claim that the U.S. could annex Canada and Gaza, calling Canada the “51st state.” Announcement of more retaliatory tariffs on the offing this week.
