Trump imposes sweeping new tariffs on ‘liberation day’

Today has been dubbed ‘liberation day’ by U.S. President Donald Trump, and as expected, several new tariff measures were announced.

Trump applied a 10 percent tariff on all imports to the United States that aren’t compliant with CUSMA. There are no additional tariffs on Canada and Mexico.

A separate 25 percent auto tariff will take effect at midnight for all vehicles not built in America.

It remained unclear what type of new tariffs would be imposed, with companies bracing for whatever might come.

After the U.S. first imposed tariffs on Canada in March, Canada responded with tariffs of its own.

Prime Minister Mark Carney is in Ottawa today, preparing Canada's response in the midst of the federal election. Carney said Canada will respond with countermeasures.