Canada to appoint a ‘Fentanyl Czar’ and bolster border as Trudeau and Trump reach deal to delay tariffs. Live updates here

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Canada and the United States appear to have avoided a costly tariff war for now after leaders of both countries found some common ground during a call on Monday.

The tariffs have been delayed for 30 days, according to a post on Prime Minister Justin Trudeau’s X account.

U.S. President Donald Trump had ordered 25 per cent tariffs on Canadian imports, with the exception of energy, which would be subject to a 10 per cent tariff. In response, Trudeau announced counter tariffs on $30 billion in American goods, primed to rise to $155 billion later this month.

Read the latest updates here:

6:20 p.m. EST: Mark Carney says economy needs to be more resilient

Liberal leadership contender Mark Carney joined others in welcoming the pause on tariffs.

“In a more volatile world, Canada needs to be laser focused on growing our economy and making our country more resilient,” Carney said on X, over an hour after the announcement. “It’s time to build.”

6:15 p.m. EST: ‘We’ve just stayed at this,' public safety minister says

Public Safety Minister David McGuinty says he thinks the last-minute lobbying efforts he and his cabinet colleagues did in D.C. “broke through,” with Trump’s administration.

In an interview on CTV News Channel’s Power Play, McGuinty said Canada has been working for months to show Trump the federal government was taking his concerns seriously, while acknowledging some pieces “came to fruition later on than we thought.”

“We’ve just stayed at this. We’ve always believed, I certainly always believed, we could find our way forward, and it looks like we have,” he said.

Asked what underpins his degree of optimism after the roller coaster of the last 48 hours, McGuinty says he’s not sure the president “saw all the facts and figures” before signing the order for tariffs.

5:52 p.m. EST: Conservative and NDP leaders urge focus on economy

Opposition Leader Pierre Poilievre said Conservatives were relieved to hear about the month-long pause on tariffs.

“But this is not a time to sit back,” Poilievre said in a post on X. “We must urgently work to strengthen Canada’s economy and do everything we can to ensure these tariffs are never brought in.”

Poilievre also challenged the Liberals to “put country over Party” and recall parliament.

NDP leader Jagmeet Singh also welcomed the “good news” and said standing up to Trump was working.

“But his threats won’t stop,” Singh warned on X. “We need to make our economy less reliant on unreliable allies.”

5:40 p.m. EST: Tariff announcement ‘turning point’ for Canada: Unifor

Unifor President Lana Payne, who is also a member of Trudeau’s Canada-U.S. Relations Council, says Trump’s tariff announcement was “a turning point for our country.”

”The President declared economic war on Canadian workers and our country. There is no turning back," Payne said in a statement, adding that “no one should let their guard down” during the 30-day pause on potential tariffs.

“As a country, we must use the days ahead to continue to bring Canadians together, to plan for a potential trade war, and to use every single available lever to build a strong, resilient, and diverse economy.”

5:21 p.m. EST: ‘Don’t mess with Canada,’ says Bob Rae

Bob Rae, Canada’s Ambassador to the UN, says this most recent spat between Canada and the U.S. exposes the mechanics, and perhaps the vulnerability, of its free trade deal with U.S. and Mexico.

“We have to keep on negotiating in good faith,” he told CTV News. “How do we make sure that this economy works more effectively?”

He says the nature of the deal allows any of the three countries to “slow things down … and when they do that, it causes a huge problem.”

“That is the underlying reality of our situation in Canada, and we’re not without the means to respond, as we’ve demonstrated,” Rae said.

He says negotiations ought to remain civil and without “bluster,” nor “insults.”

“We are deserving of a civil conversation with our neighbour to the south,” Rae said. ”But one of us should do that with any sense that we don’t have the means to protect ourselves if we have to. Don’t mess with Canada."

5:20 P.M. EST – Liberal leadership contenders react to tariff delay

Liberal party leadership contenders were quick to react to news of the tariff delay.“Bravo, Team Canada!,” former deputy prime minister Chrystia Freeland wrote on X.

“Proof that we succeed when we are strong, smart, and united. Together, we will get through this.”

House leader Karina Gould welcomed the “good news for Canada and Canadians.”“

Let’s use these next 30 days to ensure the threat of tariffs is off the table for good,” Gould said on X.

5:15 p.m. EST: U.S. booze back on Ontario shelves – for now

In a Monday afternoon X post, Ontario Premier Doug Ford welcomed the 30-day tariff delay, which could allow for “cooler heads to prevail” during negotiations.

He also said the province would pause all retaliatory measures.

“President Trump will continue to use the threat of tariffs to get what he wants,” Ford cautioned. “Canada and the U.S. need to remain united and focused on the real trade war we’re fighting, with China.”

5:05 p.m. EST: Trump responds on Truth Social

Trump confirmed the news that tariffs will be delayed for 30 days to determine if “a final Economic deal with Canada can be structured.”

The president, responding on Truth Social, repeated several aspects of the deal first revealed publicly by Trudeau, including the appointment of a Canadian fentanyl czar.

“As President, it is my responsibility to ensure the safety of ALL Americans, and I am doing just that. I am very pleased with this initial outcome,” he wrote.

4:44 p.m. EST: Trudeau’s deal with Trump

Canada will appoint a “Fentanyl Czar” as part of its deal to avert Trump’s tariffs on U.S. imports for at least 30 days. “We will list cartels as terrorists, ensure 24/7 eyes on the border, launch a Canada- U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering,” reads a post on Trudeau’s X account.

“I have also signed a new intelligence directive on organized crime and fentanyl and we will be backing it with $200 million.”

4:40 p.m. EST: Tariffs against Canada delayed for 30 days

Trump plans to hold off imposing his tariffs against Canada for one month, according to sources who spoke to CTV News.

The news comes after he and Trudeau held their second call of the day, which began at 3 p.m. Trump has yet to publicly address the agreement.

Earlier today, Mexico also worked out a deal with the president to delay tariffs against that country, offering concessions on border security.

4:25 p.m. EST: Call went ‘very well’: CNN

CNN’s Kaitlan Collins reports that Trump’s call with Trudeau went “very well” and that when the U.S. president was asked whether tariffs against Canada are going into effect, he replied: “Watch”

4:05 P.M. EST: Canadians anxiously await news of Trump-Trudeau second talk

As Trump hosts the Stanley Cup winning Florida Panthers at the White House, there is still no word of the outcome of a second reported call between the U.S. president and Prime Minister Justin Trudeau.

Reuters had reported that the call between Trump and Trudeau was underway just after 3 p.m. ET, before Trump hosted the Panthers team.

3:50 p.m. EST: Canadian auto sector hoping to see tariff relief

Flavio Volpe, head of Canada’s Automotive parts Manufacturers’ Association, says he hopes Trudeau and Trump can delay Tuesday’s potential tariffs. He says if they don’t, there will likely be “an industry shutdown” in the next week or so.

“You’ll see a big assessment of what actual expenses you have as you’re carrying empty plants,” Volpe said Tuesday at an auto parts manufacturer in Woodbridge, Ont.

Volpe adds that if there’s a shutdown, Trump will likely hear from auto sector employees in states like Alabama, Tennessee, Michigan and Ohio.

3:35 p.m. EST: Singh says Trump more interested in statehood than trade

NDP Leader Jagmeet Singh says Trump has made it clear the tariff threat isn’t about the border or trade deficits, but instead about making Canada a state.

In a comment posted to X, Singh says Canada “will not surrender our water, our health care, our values to Donald Trump.”

Earlier this afternoon, Trump said he wants to see Canada become the 51st state and that would “100 per cent” happen if people “play the game right.”

Trump and Trudeau are speaking on the phone this hour.

The Canadian Press

3:25 p.m. EST: Retaliatory tariffs will also apply to travellers, mail imports

The CBSA announced Sunday that in addition to commercial shipments, retaliatory tariffs of 25 per cent will also apply to certain goods imported to Canada by mail or courier, as well as goods imported by individual travellers above their personal exemptions. That means online purchases from the U.S. could be affected.

“The surtax will apply to goods imported for commercial and personal purposes, even when exported from a country other than the U.S. into Canada,” a notice from the CBSA explained.

According to Canada’s finance department, targeted American goods include orange juice, peanut butter, wine, spirits, beer, coffee, appliances, apparel, footwear, motorcycles, cosmetics, and pulp and paper.

3:09 p.m. EST: Second call underway

The White House Press Secretary told Fox News the second call between Trump and Trudeau is underway, Reuters is reporting.

The call comes after Trump described his first conversation with Trudeau on Monday as “good,” but said he still thinks Americans are “not treated well by Canada.”

2:55 p.m. EST: Trudeau, Trump’s second phone call imminent

Trudeau and Trump had their second call of the day scheduled for 3 p.m. today.

Since their first call this morning, it was made public that Mexico had reached a deal to delay the tariffs levied against them for one month. No such deal has been revealed for Canada.

Trump told reporters he’s not sure there’s anything Canada could come to the table with during the second call that could change his mind about tariffs.

2:51 p.m. EST: Trump says U.S. banks can’t do business in Canada. Is that true?

During his address to reporters in the Oval Office, Trump raised what appears to be a relatively new grievance justifying his tariffs against Canada.

“American banks are not allowed to do business in Canada. Can you believe that?” he asked, referring to his phone call with Trudeau. “That’s one of many things we talked about.”

The Canadian Bankers Association responded to those comments in a statement provided to CTV News.

“There are 16 U.S. based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada,” wrote the CBA. “These banks specialize in a range of financial services, including corporate and commercial lending, treasury services, credit card products, investment banking and mortgage financing.”

The association also wrote that American banks hold half of all foreign bank assets in Canada.

2:30 p.m. EST: Saskatchewan premier wants border agents to be part of military

As Trump takes aim at the U.S.-Canada border for being a source of illegal drugs and migration, Saskatchewan Premier Scott Moe is proposing that the Canada Border Services Agency (CBSA) become part of the Canadian military.

“It would provide two things immediately,” Moe said at a press conference on Monday. “One: provide the availability for troops along our border… thereby addressing concerns that President Trump has raised. Two, (it) would bring our CBSA funding in under the military. Investment would be part of ensuring that we are working towards our two per cent NATO commitment.”

Trump has long criticized Canada for failing to meet NATO’s defence spending target, which is set at two per cent of member nations' GDP.

2:22 p.m. EST: Poilievre’s border vision

Conservative leader Pierre Poilievre outlined his vision for Canadian border security, which includes 2,000 additional border agents, high-power scanners to detect drugs and guns, departure tracking and truck-mounted drone systems, among other things.

“There is no justification for President Trump’s unjust and unjustified tariffs. But the border must be fixed for the good of Canadians,” said Poilievre, as quoted in a press release from the party.

The party also wants to “call up” Canadian Forces troops to assist border staff.

2:08 p.m. EST: Trump says, again, he wants Canada to be a state

Trump, speaking to reporters in the Oval Office, said again that he would like to see Canada become the 51st state.

“If people wanted to play the game right, it would be 100 per cent certain that they would become a state,” he said.

“A lot of people don’t like to play the game because they don’t have a threshold of pain, and there would be some pain, but not a lot.”

Trudeau and Trump will speak on the phone for the second time today at 3 p.m. EST.

1:40 p.m. EST Trump says U.S. ‘not treated well’ by Canada

Speaking between calls with Prime Minister Justin Trudeau, U.S. President Donald Trump said their first talk was “good” but that he still thinks Americans are “not treated well by Canada.”

“I did ask him a couple of questions,” Trump told reporters in the Oval Office. “Canada is very tough. Canada is very, you know, we’re not treated well by Canada. And we have to be treated well.”

Trump went on to restate his view that the U.S. doesn’t need Canada to make cars, or give us lumber or provide agricultural products.“With that being said, we’re going to have another call at three o’clock. We had a call this morning. Pretty good call, I’d say,” Trump said.

1:22 p.m. EST: Trump could increase China tariffs in next 24 hours

U.S. President Donald Trump warned on Monday he might increase tariffs on China beyond the 10 per cent he imposed on Saturday, and that “we will speak to China” probably over the next 24 hours.

Reuters

1:00 p.m. EST: Independent grocers labelling Canadian products

For those who want to buy Canadian in the wake of U.S. tariffs, independent grocers like Vince’s Market in Ontario have begun labelling domestic products.

“Ultimately consumers are going to have the choice,” Vince’s Market president Giancarlo Trimarchi told CTV News Channel on Monday. “If we can give them a little bit more information as to which items do apply as a made in Canada or product of Canada, and they choose to buy more Canadian than yeah, we might have to make the decision to delist or bring in less of some of those American products.”

There is a slight distinction between items labelled “Product of Canada” and “Made in Canada.” According to the Competition Bureau of Canada, an item must have 98 per cent Canadian content to be considered a “Product of Canada” while the “Made in Canada” label is applied to products with at least 51 per cent Canadian content.

1:06 p.m. EST: Trump says he had good talk with Mexican leader

Trump told reporters in the Oval Office he had a good conversation with Mexican President Claudia Sheinbaum about tariffs. He also said he’s planning a “big negotiation” with Mexico, Reuters reported.

12:45 p.m. EST: Elon Musk responds to Ontario ripping up Starlink contract

Elon Musk, who owns Starlink through his tech company, SpaceX, and heads Trump’s newly minted Department of Government Efficiency (DOGE), responded to Ford’s announcement. “Oh well,” wrote the world’s richest man in a post to X, which he also owns.

12:10 a.m. EST: Canadians opting out of U.S. travel

Canada’s dollar is lower than usual, compared to the U.S. dollar. Some people are rebooking their travel in favour of destinations where Canadians have more buying power.

Those locations include Portugal, Antigua and the Caribbean, according to Flight Centre spokesperson Amra Durakovic.

She says her organization’s data suggests more Canadians are opting to travel within their own country. Anyone looking to do that should consider talking to a travel expert, she said, so that local landmarks like Lake Louise aren’t overrun with tourists.

11:48 A.M. EST: The massive potential economic fallout

Before the tariff talk and action blew up, the Canadian Chamber of Commerce had been warning about the far-reaching consequences that 25 per cent across-the-board tariffs would have on both economies.

It forecasted that Canada’s GDP would shrink by 2.6 per cent (roughly $78 billion). This would cost every Canadian approximately $1,900 annually.

The GDP in the U.S., meanwhile, would shrink by 1.6 per cent (roughly US$467 billion). This would cost every American approximately US$1,300 annually.

The Chamber of Commerce also highlighted the jobs at stake that are tied to exports between the two countries.

- 1.4 million American jobs are tied to Canadian exports.

- 2.3 million Canadian jobs are tied to U.S. exports.

- Canada is the number one export market for 34 American states, and each day $3.6 billion in goods and services cross the Canada-U.S. border, fueling a $1.3 trillion annual trade relationship.

11:34 a.m. EST: Tariffs will lead to addictions, mental health crisis: CMHA

The Canadian Mental Health Association Ontario is warning Trump’s tariffs will overtask the province’s health-care system.“Workers in industries affected by the tariffs, including automotive, construction, agriculture, forestry and mining, are especially likely to experience increased strain on their mental health,” the CMHA wrote.

“Research shows that economic instability can increase the risk of mental health and addictions issues, including anxiety, depression and substance use,” it added, appealing to Ontario to invest $33 million over four years to address service shortfalls.

11:06 a.m. EST: ‘Looking for signs of hope,’ Universities Canada CEO says

“I’m really proud of the way (Canada) is responding to this,” Universities Canada CEO Gabriel Miller said on CTV News Channel.

When asked about what might unfold in Trump and Trudeau’s second phone call Monday, Miller, who has been at the table with the Canada-U.S. relations council, said he’s “looking for signs of hope that President Trump will be reasoned with ... anything that indicates that the tariffs could be delayed (and) that there is more time to talk is encouraging.”

“The only question on anyone’s mind is how do we stand up for Canada?” he said. ”We have to be collaborative.”

10:50 a.m. EST: What’s in Mexico’s deal?

Mexico’s president outlined the deal she says her country reached with the U.S. to pause the tariffs.

Mexico will reinforce its northern border with 10,000 members of the national guard, whose primary task will be blocking drugs like fentanyl, she wrote. In turn, the U.S. will work to prevent high-powered firearms from entering Mexico and pause the tariffs for one month.

During that time, teams from both sides will “begin working” on security and trade, Sheinbaum wrote in Spanish.

Trump also wrote on his social platform of choice, Truth Social, that he will participate in negotiations between U.S. and Mexican officials, “as we attempt to achieve a ‘deal’ between our two Countries.”

10:32 a.m. EST: Mexico says tariffs paused for now

“They are pausing tariffs for one month from now,” Mexican President Claudia Sheinbaum wrote on X in Spanish.

She and her team had a “good conversation” with Trump, and that they reached a series of agreements, she wrote.

10:20 a.m. EST: Now not the time to ‘panic sell,’ says expert

Investment adviser Allan Small told BNN Bloomberg that because we don’t yet know how long the tariffs will last or precisely what effect they will have on Canadian markets, now is not the time to “panic sell.”

He said Canada’s counter-measures will hurt U.S. manufactures.

“At some point, this will bite,” he said, though Canada will probably feel the GDP impact sooner than the U.S. “There really is no winner.”

10:10 a.m. EST: Restaurants Canada CEO says tariffs on industry ‘concerning’

Kelly Higginson, CEO of Restaurants Canada, told CTV News Channel Monday that some products could be hit a few times with tariffs depending on where and how they are processed.

“We do have a lot of our suppliers who are scrambling, cancelled trucks coming into the country today filled with produce to feed Canadians and to support our industry, which is the fourth largest private sector employer in the country,” she said.

Higginson said food costs for their operators have jumped 20 per cent over the last four years, and with an incoming 25 per cent tariff on some products this has proven to be “very concerning.”

10:01 a.m. EST: Mexico can weather this storm, says minister

Mexico has enough resources to absorb financial shocks and navigate global challenges after the United States announced 25 per cent tariffs on its goods, Finance Minister Rogelio Ramirez de la O said on Monday.

The minister, speaking to investors earlier in the day, aimed to ease market jitters saying that Mexico was not only resilient but also remained a strategic and trustworthy destination for investors.

The peso lost about 1.57 per cent against the U.S. dollar and was trading at 21.0260.

Reuters

9:40 EST: North American markets open lower as Trump tariffs set to take effect Tuesday

North American markets opened sharply lower on Monday as the U.S. prepared to impose sweeping tariffs against major trading partners on Tuesday.

In Toronto, the S&P/TSX Composite Index was down 2.58 per cent while the S&P 500 Index was down 1.37 per cent In New York as of 9:30 a.m. EST.

9:23 a.m. EST: Trump ‘just spoke’ to Justin Trudeau

Trump says he spoke with Trudeau this morning.

“Canada doesn’t even allow U.S. Banks to open or do business there. What’s that all about? Many such things, but it’s also a DRUG WAR, and hundreds of thousands of people have died in the U.S. from drugs pouring through the Borders of Mexico and Canada. Just spoke to Justin Trudeau. Will be speaking to him again at 3:00 P.M.,” he wrote on Truth Social.

9:05 a.m. EST: Poilievre releases video outlining ‘Canada First’ plan

Conservative Leader Pierre Poilievre has released a video detailing his “Canada First” plan, which he said would make Canada less reliant on trade with the U.S.

The plan includes prioritizing a deal on standardizing trucking rules and creating a licensing standard so that doctors, nurses and engineers can work across the country, among other things.

8:55 a.m. EST: Canada ‘misunderstood’ Trump’s order?

The White House said on Monday it has noticed that Mexico is “serious” about Trump’s executive order on tariffs but Canada has “misunderstood” it.

“The good news is that in our conversations over the weekend, one of the things we’ve noticed is that Mexicans are very, very serious about doing what President Trump said,” White House National Economic Council Director Kevin Hasset said on CNBC.

“Canadians appear to have misunderstood the plain language of the executive order,” Hasset added.

When asked what Canada and Mexico must do to lift their tariffs, Trump told reporters on Sunday they have to balance out their trade, number one.

“They’ve got to stop people from pouring into our country ... they have to stop people pouring in, and we have to stop fentanyl. And that includes China,” Trump said.

Reuters

8:46 a.m. EST: Trudeau in contact with EU allies

The Prime Minister’s Office said Trudeau spoke with the President of the European Council Antonio Costa about Trump’s tariffs on Sunday. The council is holding its leaders' retreat today."

The prime minister discussed the imposition of U.S. tariffs and Canada’s response. The leaders underscored the importance of continued co-operation to promote security and economic prosperity for people on both sides of the Atlantic,” the readout states.

Here at home, Trudeau has scheduled an additional tariff-related call to his Monday itinerary.

He’s convening his Council on Canada-U.S. relations for a virtual meeting at an unspecified time, according to an update to his agenda.

8:39 a.m. EST: Chrystia Freeland on MSNBC

“You’re business people, right?” asked former finance minister and Liberal leadership hopeful Chrystia Freeland during an interview on MSNBC, adding that Trump has made the United States’ largest customer “angry.”

She’s one of several members of Canada’s political class making appeals on American television today.

“You’re slapping us in the face,” she said on Morning Joe.

8:32 a.m. EST: Food and beverage stakeholders call for unified response

Trump’s tariffs threaten the “deeply integrated agricultural and food supply chains that benefit both Canadian and American farmers, processors, and consumers alike,” Food and Beverage Canada said in a statement expressing “deep disappointment” on Monday.

“The changing trade relationship with the U.S. highlights the urgent need to strengthen Canada’s domestic food and beverage manufacturing industry,” said Kristina Farrell, CEO of Food and Beverage Canada.

“Our industry is a key economic driver and essential to our food security. We need policies that enhance competitiveness, reduce regulatory burdens, and support innovation so Canadian manufacturers can meet both domestic and international food demands. We stand ready to work with the federal government to achieve these goals.”

8:26 a.m. EST: Trudeau to host Council on Canada-U.S. Relations meeting

Prime Minister Justin Trudeau’s itinerary was released Monday morning, outlining that he will host a virtual meeting of the Council on Canada-U.S. Relations today, and that it will be closed to media.

8:20 a.m. EST: Ontario rips up $100M Starlink contract ahead of U.S. tariffs

Ontario Premier Doug Ford is announcing that the province will rip up its $100 million contract with Elon Musk’s Starlink ahead of U.S. President Donald Trump’s incoming 25 per cent tariffs.

Ford’s office made the announcement Monday and said the province is also banning other American companies from provincial contracts.

Phil Tsekouras, CTV News Toronto

8:15 a.m. EST: Canadian dollar falls to decades low

The Canadian dollar has fallen to its lowest level in more than two decades.

The loonie was trading for 68.13 cents US, its lowest level against the U.S. dollar since 2003, compared with 69.04 cents US on Friday.

The futures market also pointed to large drops for U.S. stock markets when they begin trading this morning.

The Mexican peso also fell by one per cent to 20.89 per USD.

7:24 a.m. EST: Firms lean into ‘buy Canadian’ sentiment

Canadian companies are embracing the “buy Canadian” sentiment sweeping the nation ahead of the tariffs being imposed on Tuesday.

Loblaw Companies Ltd. has vowed to secure more food grown and made in Canada, The Canadian Press reported.

Meanwhile, Shopify’s CEO has committed to introduce features aimed at encouraging shoppers to buy local.

6:21 a.m. EST: Bitcoin as Trump tariffs rattle markets

Cryptocurrency prices slid on Monday, with bitcoin at a three-week low, as the risk of a trade war spooked investors and caused a selloff across financial markets.

6:03 a.m. EST: Trump tariffs trigger stocks slump, U.S. dollar rises on trade war fears

European shares slid on Monday, joining a worldwide selloff sparked by fears that U.S. President Donald Trump’s tariffs on Canada, Mexico and China mark an opening salvo in a global trade war that would curb economic growth internationally.

Sunday’s developments

9:22 p.m. EST: Trump dismisses Canadian response, hints at EU and U.K. tariffs

On Sunday night in Florida, Trump brushed aside retaliatory measures from Canada, saying, “If they want to play the game, I don’t mind. We can play the game all they want.”

He also threatened to impose steeper tariffs elsewhere, stating that import taxes will “definitely happen” with the European Union and possibly with the United Kingdom as well.

The Associated Press

8:35 p.m. EST: Trump to speak with Trudeau on Monday

U.S. President Donald Trump will speak with Prime Minister Justin Trudeau on Monday morning, a source confirms to CTV News.

Trump told reporters he will also speak with Mexico on Monday after President Claudia Sheinbaum said she will announce countermeasures on the same day.

8:25 p.m. EST: Tariff talk makes Grammy Awards debut

Trevor Noah, host of the 67th annual Grammy Awards, took time during the ceremony to make mention of the impending tariffs.

The comedian claimed no one would be able to afford tickets for Beyonce’s upcoming concert tour as maple syrup would soon be $50 a bottle.

6:45 p.m. EST: Wall Street girds for market impact of looming Trump tariffs

Global markets buckled up for a turbulent session on Monday after U.S. President Donald Trump launched a trade war with sweeping tariffs on Canada, Mexico and China that threaten to undermine economic growth and reignite inflation.

Uncertainty over how and for how long the tariffs will be wielded brought fresh upset for markets that were dealt a blow last week as the emergence of China’s DeepSeek AI model hit tech stocks.

The White House has not yet published all the details of the tariff plan, leaving questions about their impact and duration, while some analysts continued to game out the chances last-minute negotiations delay or avoid them altogether.

Reuters

6:03 p.m. EST: Manitoba, Quebec pull U.S. liquor off shelves

Following suit from other provinces, Manitoba and Quebec have also directed their provincial liquor boards to pull American products off their shelves.

Premier Wab Kinew said in a news conference Sunday that Manitoba’s approach will go into effect Tuesday.

The Quebec government has also announced it will be doing the same.

Finance Minister Éric Girard says the Société des alcools du Québec has been asked to stop supplying American products to grocery stores, bars and restaurants.

5:40 p.m.: Mexico to announce countermeasures Monday

In a social media post, Mexico’s President Claudia Sheinbaum said she would provide details on retaliatory tariffs against the United States on Monday.

She also said she sought dialogue instead of confrontation, but Mexico had no choice but to respond with its own tariffs.

Mexico was hit with a sweeping 25 per cent tariff on Saturday.

5:25 p.m. EST: Americans could feel ‘some pain’ from tariffs: Trump

U.S. President Donald Trump said Sunday that Americans could feel “some pain” from the emerging trade war triggered by his tariffs against Canada, Mexico and China, and claimed that Canada would “cease to exist” without its trade surplus with the United States.

“WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!),” Trump said in a social media post. “BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID.”

The Associated Press

4:21 p.m. EST: ‘More toasts rather than tariffs’ says U.S. distilled spirits council CEO

Canadian liquor stores across Canada no longer selling U.S. products will have a significant impact, says U.S. Distilled Spirits Council President and CEO Chris Swonger.

In an interview on CTV News Channel, Swonger called the exchange of tariffs between Canada and the U.S. a crisis for the hospitality industry on both sides of the border.

“This will have a detrimental financial impact in a fairly constricted marketplace, and this is just going to hurt unnecessarily,” he said.

“So let’s hope our government stakeholders, both with Canada and the United States, can find common ground,” said Swonger. “Everybody should be doing more toasts rather than tariffs.”

4:12 p.m. EST: Raptors fans boo U.S. anthem

Fans at a Toronto Raptors game booed during the performance of the American anthem at a sporting event in Canada.

This continues yesterday’s trend which started at a game between the Ottawa Senators and Minnesota Wild.

3:40 p.m. EST: Panama must reduce Chinese influence around canal or face possible action: Rubio

U.S. Secretary of State Marco Rubio told Panamanian President José Raúl Mulino on Sunday that the Central American ally must immediately reduce Chinese influence over the Panama Canal area or face potential retaliation from the Trump administration. Mulino said later that “there is no real threat of retaking the canal or the use of force.”

Speaking on behalf of U.S. President Donald Trump, who has demanded that the canal be returned to U.S. control, Rubio told Mulino that Trump had made a preliminary determination that China’s presence in the canal area violates a treaty that led to the United States turning the waterway over to Panama in 1999. That treaty calls for the permanent neutrality of the American-built canal.

Mulino did say Panama would not be renewing its agreement with China’s Belt and Road Initiative when it expires.

About 200 people marched in Panama City, carrying Panamanian flags and shouting “Marco Rubio out of Panama,” “Long live national sovereignty” and “One territory, one flag” while the meeting was going on. Some burned a banner with images of Trump and Rubio after being stopped short of the presidential palace by riot police.

The Associated Press

3:00 P.M. EST: American lawmakers against Trump’s tariffs

More than 40 U.S. House Democrats have signed a letter to the Trump administration, urging them to “immediately rescind” the tariffs levied on Canada and Mexico.

Led by U.S. Rep. Greg Stanton, the letter says the broad tariffs would “devastate Americans already struggling with high prices, kill jobs, and hurt diplomatic relations with our closest partners.”

The letter strongly questions Trump’s reasoning for the tariffs, saying there are other ways to tackle the challenges of migrants and fentanyl flowing across the border than slapping America’s two largest trading partners with “high, across-the-board tariffs.”

U.S. Sen. Bernie Sanders also took to X this afternoon, calling Trump’s tariffs “most likely illegal and most definitely harmful.”

2:45 P.M. EST - VP Vance not worried

In an interview on Fox’s Sunday Morning Futures today, U.S. Vice-President JD Vance was asked if he was worried about retaliatory tariffs from Canada, Mexico and China. Vance repeated Trump’s line that the U.S. has been taken advantage of now for “decades,” adding that the “retaliation is Donald Trump saying ‘no more.’”

Vance didn’t get into specifics about retaliation against Canada, but he accused China of stealing American manufacturing jobs and accused both China and Mexico of facilitating fentanyl trafficking into the United States.

2:30 p.m EST: Canadian official: U.S. tariffs violate free trade agreement

Trump’s tariffs are an obvious violation of the free trade agreement between Canada and the United States, a senior government official said Sunday.

The official said the trade action violates the Canada-U.S.-Mexico free trade deal known in this country as CUSMA. It is the updated version of the trilateral trade pact known as NAFTA.

Speaking on background during a briefing with reporters, the official said what Trump has done violates market access commitments and Canada is now thinking about what the broader consequences will be.

2:14 p.m. EST: EU warns U.S. against tariffs

The European Union says it will “respond firmly” should the U.S. impose tariffs on the bloc following threats from Trump on Friday saying he “absolutely” will.

“The EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods,” a spokesperson for the commission said. “There is a lot at stake.”

The spokesperson also highlighted that the trade and investment relationship between the U.S. and the EU was the biggest in the world.

2:00 p.m. EST: Senior officials shed new light on tariff strategy

Senior government officials briefed reporters in Ottawa on Sunday afternoon about the full list of goods Canada is hitting with counter tariffs on Tuesday.

The numerous items on the list were chosen both because they are expected to have an impact on key U.S. stakeholders, and because they are products where the impact on Canadians can be minimized as there are domestically-made alternatives, the officials, who spoke on a not-for-attribution basis.

Senior officials also said that they hope these first steps will be enough for Americans to get the message that they’ve gone down the wrong path, but noted additional measures continue to be contemplated, such as whether a further energy response is required.

The tariffs will only apply to goods that originate from the U.S. and will not apply to U.S. goods that are in transit to Canada on the day these tariffs come into force. The federal government intends to keep these countermeasures in effect until the Trump administration eliminates its tariffs against Canada.

1:30 p.m. EST: Threats of annexation ‘illegal’: Bob Rae

In response to Trump’s continuous offers to absorb Canada as the 51st state, Canadian Ambassador to the United Nations Bob Rae refers to Article One of the UN Charter, which he describes to hold threats of annexation as illegal.

“The UN Charter was drafted in 1945 by people who had learned the lessons that the aggression, isolationism and tariff barriers of the 20’s and 30’s had led the world into a conflagration,” Rae posted on X. “Article One makes it clear: threats of annexation are illegal. So are unilateral tariffs in breach of a trade agreement.”

12:40 p.m. EST: Trudeau posts to social media

Prime Minister Justin Trudeau is urging Canadians to choose Made in Canada products.

“Now is the time to choose products made right here in Canada. Check the labels. Let’s do our part. Wherever we can, choose Canada,” he posted to X.

12:20 p.m. EST: Canada releases tariff list

The Canadian government has released a comprehensive list of American goods that will be tariffed.

The list includes cheeses, meats, milk, fruits, vegetables, coffee, spices, chocolates, pastas, fruit juices, beer, wine, liqueurs, tobacco, perfumes, beauty products, kitchenware, car parts, lumber, toilet paper, clothing and household items.

Read a full list of the items here.

11:30 A.M. EST: Unlikely we can avoid Tuesday’s tariffs

Canada’s minister of finance told CTV Question Period this morning that it’s unlikely our country can escape Trump’s tariffs ahead of Tuesday, when they go into effect.

“I’m very pessimistic,” he told host Vassy Kapelos. But he did offer a glimmer of hope in the form of a “window” that could perhaps open in March. Dominic LeBlanc said he was told that by U.S. commerce secretary nominee Howard Lutnick and others in the Trump administration.

Government to provide more details on U.S. products under tariffs

The full scope of U.S. products known to be subject to the coming import tariffs is growing, with a more comprehensive list still to come.

In his late-night video address Saturday, Trudeau gave a short list of examples, including fruits and vegetables, beer, wine and bourbon, home wares like furniture and sporting equipment, and industrial materials like plastics and lumber.

Then, earlier this morning, a department of finance press release expanded on that list, noting that the initial round of tariffs set to activate Tuesday would include U.S. imports of “orange juice, peanut butter, wine, spirits, beer, coffee, appliances, apparel, footwear, motorcycles, cosmetics, and pulp and paper.”

A second round of tariffs is expected to come into effect later on, following 21 days of public consultation on the full list. The government said that list would be made available shortly.

Examples of tentative second-round tariff products include vehicles such as trucks, EVs, buses and boats, as well as beef, pork and dairy products, aerospace technology, and steel and aluminum. Those last two are familiar targets of Trump tariffs during a prior sparring match on trade between the two countries, in 2018.

The finance department will hold a technical briefing at 1:00 p.m. EST to discuss Canada’s response to American tariffs.

10:55 A.M. EST: Trump hits back against WSJ

In a Truth Social post this morning, U.S. President Donald Trump railed against the Wall Street Journal newspaper, which he called “Globalist, and always wrong.” It seems he did not take kindly to an opinion that WSJ posted yesterday, in which it called Trump’s tariff action as sparking off the “Dumbest Trade War in History” and saying Trump is imposing these tariffs on Canada and Mexico “for no good reason.”

Canadian editorial cartoonist Michael deAdder seems to agree with the WSJ opinion, posting this cartoon yesterday showing the American president shooting himself in the foot.

10:30 A.M. EST: Three provinces banning American liquor

With Ontario’s announcement this morning, that makes three provinces so far that will pull American liquor products from their provincially owned store shelves.

On Saturday, Nova Scotia said it would direct the N.S. Liquor Corporation to remove all U.S. alcohol from their shelves effective Tuesday.

This follows British Columbia, which announced a more targeted action, to “immediately stop buying American liquor from red states,” meaning Republican states.

10:17 A.M. EST: Jagmeet Singh: Hit Elon Musk ‘where it counts.’

Federal NDP Leader Jagmeet Singh posted a video to his Twitter page Sunday morning laying out his party’s plan to combat the Trump tariffs.

“We do not want a trade war, but Donald Trump is bringing one,” Singh said. “Workers should not pay the price for this trade war, and they don’t have to.”

The NDP plan calls for financial support and prioritized jobs for Canadian workers, retaliatory tariffs on U.S. imports and a halt on critical minerals exports — a move targeting tech CEO and Trump ally Elon Musk, hitting him, as Singh put it, “where it counts.”

8:30 A.M. EST: Ontario to stop selling U.S. booze

Ontario Premier Doug Ford announced Sunday morning that as of Tuesday, all LCBO stores will stop selling American liquor products.

Liquor Control Board of Ontario stores sell nearly $1-billion worth of American products every year, said Ford.

“Not anymore.”

8:26 A.M. EST: Trump blasts Canada as not ‘a viable country’

As Sunday morning began, U.S. President Donald Trump took to social media to blast Canada and other trade partners.

He repeated his claims that the U.S. subsidizes Canada to the tune of hundreds of billions of dollars, without explaining why he categorizes his country’s trade deficit with Canada as a subsidy.

“Without this massive subsidy, Canada ceases to exist as a viable Country. Harsh but true!” he wrote.

He repeated his inflammatory barb that Canada should become the “Cherished 51st State,” noting that such an annexation would bring an end to the tariffs.

In a post earlier Sunday morning, Trump described Canada, Mexico and China, all subject to forthcoming tariffs per his Saturday executive order, to have engaged in a “decades long RIPOFF OF AMERICA,” citing trade, crime and drug trafficking as elements of the alleged unfairness.

Saturday’s developments

Prime Minister Justin Trudeau announced Ottawa’s retaliation against the U.S. after President Donald Trump’s administration imposed sweeping import tariffs on Canada on Saturday.

• Full story: Canada to slap 25 per cent tariff on $155B of U.S. goods after Trump initiates trade war

Here’s a look back at the fast-moving events of the day:

9:50 p.m. EST: Full list of affected American imports to come

The list of American goods set to be tariffed by the Canadian government has yet to be provided to reporters, but the Prime Minister’s Office says it’s expected tomorrow.

9:40 p.m. EST: Are Trump’s tariffs about border security?

When asked by a reporter if Trump’s tariffs were actually about border security, Trudeau says, “We have one of the strongest, more secure borders in the world, between Canada and the United States.”

He adds that “it doesn’t mean there isn’t more to do,” and why Ottawa has invested $3 billion in strengthening the borders.

“I understand the preoccupation the American president has with fentanyl deaths, we share those preoccupations. We’ve seen far too many communities across our country devastated by toxic drug supplies, by fentanyl, by opioid addictions.”

Trudeau said they’ve taken action over the years but is willing to do more.

9:11 p.m. EST: Justin Trudeau responds to Trump tariffs on Canada

In retaliation for U.S. President Donald Trump’s tariffs, Canada is responding with 25 per cent tariffs on $155 billion worth of American goods.

Prime Minister Justin Trudeau is announcing the federal government’s phased countermeasures in an address to Canadians from Parliament Hill. In his comments, Trudeau noted the “real” consequences for Americans after Trump’s actions.

The major announcement comes on the heels of weeks of anticipation and diplomatic efforts to avoid this moment, and after Trudeau meet with his cabinet and premiers on Saturday to discuss the national and historic response.

8:40 p.m. EST: Made in Canada signs

Canadian-Armenian singer-songwriter Raffi Cavoukian, a popular children’s singer, shared a post on X showing a Made in Canada sign at a local grocer.

“How we roll against #tariff madness,” he said.

8:03 p.m. EST: U.S. anthem booed at Ottawa Senators game

During the playing of the Star-Spangled Banner, Ottawa Senators fans were heard booing the U.S. anthem before taking on the Minnesota Wild.

It comes hours after Trump announced tariffs on Canadian imports.

7:42 p.m. EST: B.C. Premier orders liquor stores to halt import from red states

British Columbia Premier David Eby called Trump’s tariffs a “complete betrayal of the historic bond between our countries.”

Addressing reporters, Eby said he too is concerned about fentanyl but “this isn’t the way” to address the issue.

He called what Trump is doing an “unprecedented attack.” And said he’s ordered B.C. liquor stores to immediately stop buying American liquor from red states, and has directed the government and its Crown corporations including health authorities to immediately stop buying American goods.

Eby said he fully supports the federal government rolling out a “comprehensive, targeted set of national tariffs against American products.

7:36 p.m. EST: Trudeau confirms Trump tariffs on social media

Prime Minister Justin Trudeau confirmed on social media Trump’s sweeping tariffs on Canadians imports.

“I’ve met with the Premiers and our Cabinet today, and I’ll be speaking with President Sheinbaum of Mexico shortly,” Trudeau posted on X.

“We did not want this, but Canada is prepared.”

He will address Canadians at 8:30 p.m. EST.

7:25 p.m. EST: Liberal leadership candidates weigh in

Liberal leadership hopefuls former Bank of Canada governor Mark Carney and former House leader Karina Gould have made statements in response to Trump’s tariffs.

Carney, in a press release, said the tariffs are a “clear violation of our trade agreements and require the most serious trade and economic responses in our history.”

“Canada will not bow down to a bully,” he said, adding that he supports dollar-for-dollar retaliatory tariffs.

Gould, in a statement on X, said Canada has been America’s greatest ally for generations, adding, “This is not how you treat your friends.”

She encouraged Canadians to buy products made in Canada, and should she be elected prime minister, she would co-ordinate with “provincial and territorial counterparts and business leaders to create a list of products that are made in Canada.”

6:50 p.m. EST: PM Justin Trudeau to speak at 8:30 p.m. EST

The Prime Minister’s Office has announced that Prime Minister Justin Trudeau will now be responding to U.S. tariffs on Canada, at 8:30 p.m. EST.

He will be joined by Foreign Affairs Minister Mélanie Joly, Finance and Intergovernmental Affairs Minister Dominic LeBlanc, and Public Safety Minister David McGuinty.Trudeau will take questions following the announcement.

6:48 p.m.: Alcohol stakeholders ‘deeply concerned’

“We are deeply concerned that U.S. tariffs on imported spirits from Canada and Mexico will significantly harm all three countries and lead to a cycle of retaliatory tariffs that negatively impacts our shared industry,” the Distilled Spirits Council of the U.S., the Chamber of the Tequila Industry, and Spirits Canada on Tariffs on Imports from Canada and Mexico said in a joint statement.

Maintaining reciprocal duty-free access for all distilled spirits is “crucial for supporting jobs” they went on to say. “Our industries have thrived due to the level playing field established across our borders.”

6:30 p.m. EST: Manitoba Premier Kinew weighs in

Manitoba Premier Wab Kinew says Trump “built a wall, but it’s a wall targeting us,” he said in response to the U.S. president’s tariffs.

Posting on X, Kinew stressed the importance for Canadians to stand together and unite.

“Manitoba fully supports the federal government’s response to these tariffs,” he adds.

5:55 p.m. EST: Singh says ‘economic attack’ will not break Canada

Federal NDP leader Jagmeet Singh responded to the new tariffs on social media Saturday evening, saying that the order “will hurt all of us - and Americans.”

“Our values and our solidarity will not crumble in the face of Donald Trump’s economic attack,” he wrote in a post on X.

“Now is a time for Canadians to stand strong and stand together … Canada is strong. Canadians are united.”

5:50 p.m. EST: Trump addresses tariffs on Truth Social

The U.S. president posted a statement to his Truth Social account confirming sweeping tariffs on Canada, Mexico and China.

“We need to protect Americans, and it’s my duty as President to ensure the safety for all,” Trump wrote.

“I made a promise on my Campaign to stop the flood of illegal aliens and drugs from pouring across our Borders, and Americans overwhelmingly voted in favor of it.”

5:46 p.m. EST: Alt. premier disappointed in Trump’s decision

Alberta Premier Danielle Smith took to X to share her disappointment with Trump’s tariff decision, saying it “will harm Canadians and Americans alike,” and strain the relationship between both countries.

Smith says “Alberta will do everything in its power... to reverse this mutually destructive policy,” but will continue its diplomatic efforts to “persuade the U.S. President.”

5:40 p.m. EST White House issues ‘fact sheet’ on tariffs

According to a White House “fact sheet,” Trump is imposing the tariffs to address a national “emergency situation,” and “public health crisis.”

“The extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl, constitutes a national emergency under the International Emergency Economic Powers Act (IEEPA),” reads the Trump administration’s rationale.

“President Trump is taking bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.”

As sources had indicated to CTV News earlier Saturday, Trump intends to keep the tariffs in place “until the crisis is alleviated.”

The White House claims Trump is leveraging America’s economic position “as a tool to secure our borders,” and that when voters elected him, they gave him a mandate to take this action.

5:34 p.m. EST: Pierre Poilievre calls for retaliation

Conservative Party Leader Pierre Poilievre condemned Trump’s tariffs “on Canada’s already weak economy,” in a post on X.

“There is no justification whatsoever for this treatment,” he said in a lengthy statement that called for the Liberals to recall Parliament to pass a multi-step plan that would include retaliation with “dollar-for-dollar” tariffs.

5:00 p.m. EST: New details on cabinet meeting

CTV News' chief political correspondent Vassy Kapelos says that according to a senior government source, counter-tariffs ranging from $10 billion to $85 billion were discussed as a response during today’s cabinet meeting, though the amount keeps fluctuating.

One source in cabinet said they would not be surprised if Trump increases his tariffs if and when Canada counters.

4:15 p.m. EST: ‘Profoundly disturbing’: Canadian Chamber of Commerce reacts

The Canadian Chamber of Commerce says that now that Trump has made good on his threat, Canadian governments need to provide security to those who are “rightly scared by the consequences of President Trump’s self-defeating measures.”

“President Trump’s profoundly disturbing decision to impose tariffs will have immediate and direct consequences on Canadian and American livelihoods,” said the Chamber’s president Candace Laing in a statement. “Tariffs will drastically increase the cost of everything for everyone: every day these tariffs are in place hurts families, communities, and businesses.”

4:05 p.m. EST: Border mayor weighs in

Chatham-Kent, Ont., Mayor Darrin Canniff told CTV News Channel the tariffs are a significant worry not only for Chatham-Kent but also the country. The U.S. has declared economic war on us, he said, and it’s going to have a huge impact.

“We have to come together as Canadians. ... we need to come together, 40 million strong.”

4:00 p.m. EST: Trump tariffs ‘deeply disappointing’: CFIB

Canada’s largest non-profit organization, the Canadian Federation of Independent Business (CFIB), which represents more than 100,000 members, says Trump’s tariffs will hit small businesses on both sides of the border.

“Over half (51%) of Canada’s small business are involved in importing or exporting directly with the U.S.,” the organization said in a press release. “Should Canada respond with tariffs of our own, small firms – already operating on razor-thin margins – will have no choice but to raise prices.”

Should the tariffs remain for a prolonged period, the CFIB says, “governments should ensure any support programs do not repeat the mistakes of pandemic support programs like CERB.”

3:40 p.m. EST: Facts on Canada-U.S. trade relationship

CTV News’ national correspondent Rachel Aiello reports that Canadian officials have repeatedly sought to emphasize, both publicly and in direct engagement with U.S. decision-makers, that Trump’s tariffs will raise prices for Americans too, from the cost of groceries and gas, to more pricey potash for U.S. farmers.

To offer a snapshot of the scope of the cross-border trading relationship, Canada buys more U.S. goods than China, Japan, France and the United Kingdom combined, and the U.S. sells more goods to Canada than any other country.

On a daily basis, $3.6 billion in goods and services cross between Canada and the U.S., making for a $1.3 trillion annual trading relationship that employs millions on both sides of the border, according to the Canadian Chamber of Commerce.

Canadian Chamber of Commerce public policy chief Matthew Holmes, speaking to Aiello on Friday, noted a 25 per cent tariff could shrink Canada’s GDP by 2.6 per cent and cost Canadian households an average of $1,900 annually. South of the border, it would result in a 1.6 per cent GDP drop and an average $1,300 hit to American households.

“We will see jobs affected by this. We will see employers really, really struggling and it’s important in Canada to remember that 98 per cent of our employers are small and medium enterprise,” Holmes said.

Of note given Trump’s decision to tariff energy, and Trudeau not ruling out energy export countermeasures, Canada is the number one supplier of energy to the U.S., supplying more than 99 per cent of U.S. natural gas imports, 85 per cent of U.S. electricity imports, and 60 per cent of U.S. crude oil imports, in 2023.

2:30 p.m. EST: Trudeau to meet with premiers

Following the cabinet meeting between the prime minister and his ministers, Trudeau is expected to meet with the provincial and territorial premiers at 4 p.m. EST to discuss the country’s response to the U.S. placing tariffs on Canada.

2:28 p.m. EST: Unifor says ‘Canada must hit back hard and fast’

Canada’s largest union, Unifor, said Ottawa must retaliate swiftly to Trump’s sweeping tariffs.

“With the implementation of these tariffs, President Trump has declared a trade war with Canada and with Canadian workers,” Unifor national president Lana Payne said in a press release. “Trump’s decision to go to battle with America’s largest trading partner will hurt working people on both sides of the border and inflict real economic damage to both countries.”

Payne added Trump has “enraged and united an entire nation that is ready to fight to defend every last job in this country.”

1:38 p.m. EST: Tariffs on Canada to take effect on Tuesday

Canada will be hit with a 25 per cent tariff across the board with an exception on energy which will be 10 per cent, Mexico will be hit with a 25 per cent tariff across the board including energy, and China a 10 per cent tariff across the board, CTV News' chief political correspondent Vassy Kapelos says.

It would take effect on Tuesday and would be in place until the fentanyl overdose issue is sorted.

Minister of Intergovernmental Affairs and Minister of Finance Dominic LeBlanc and Prime Minister Justin Trudeau will announce a Canadian response at 6 p.m. EST tonight.

A senior government source tells CTV News that Ottawa is expecting something formal at 2 p.m. EST. Cabinet is set to meet at 3 p.m. EST.

12:55 p.m. EST: Ford calls Trump’s potential tariffs ‘reckless’

Just a few days after calling for an early election in Ontario, Progressive Conservative Leader Doug Ford called Trump’s potential tariffs on Canadian imports “reckless.”

“He thinks he can break Canada. He thinks he can buy Canada. He doesn’t know what we know, the Canadian spirit can never be broken and, friends, Canada is not for sale,” Ford said at a campaign event in Brampton, underscoring his “Team Canada” approach to tackling the potential tariffs.

Ford closed his press conference with a message to the U.S. president.

“To President Trump, I can only say this: this is not a smart move. It’s selfish. It not only hurts Canadians, it hurts your own people. It hurts you, and your administration. It makes America poor. It makes Americans poor.”

12:50 p.m. EST: Mexican president thinks tariffs unlikely

U.S. President Donald Trump has also threatened Mexico with 25-per-cent tariffs starting sometime today, but Mexican President Claudia Sheinbaum is confident her country will be spared.

“We don’t think it will happen,” she told reporters on Jan. 29.

Trump wants Mexico to crack down on its border with the U.S. to stop illegal immigration and drug trafficking, just as he’s demanded with Canada.

12:27 p.m. EST: Trump, again, posts on Truth Social

After arriving at the Trump International Golf Course, the U.S. president again posted to his social media account, but not on the potential tariffs.

“This morning I ordered precision Military air strikes on the Senior ISIS Attack Planner and other terrorists he recruited and led in Somalia,” the post reads.

“Our Military has targeted this ISIS Attack Planner for years, but Biden and his cronies wouldn’t act quickly enough to get the job done. I did! The message to ISIS and all others who would attack Americans is that “WE WILL FIND YOU, AND WE WILL KILL YOU!”

12:04 p.m. EST: Trump fires director of the Consumer Financial Protection Bureau

U.S. President Donald Trump has fired the director of the Consumer Financial Protection Bureau, Rohit Chopra, in the latest purge of a Biden administration holdover.

Chopra was one of the more important regulators from the previous Democratic administration who was still on the job since Trump took office on Jan. 20. Chopra’s tenure saw the removal of medical debt from credit reports and limits on overdrafts penalties, all based on the premise that the financial system could be fairer and more competitive in ways that helped consumers. But many in the financial industry viewed his actions as regulatory overreach.

11:32 a.m. EST: Trump motorcade arrives at Florida golf club

Trump’s motorcade was seen arriving at the Trump International Golf Course in West Palm Beach, Fla.

According to the itinerary, the U.S. president has no public events scheduled for today.

11:15 a.m. EST: ‘Historical’ moment for Canadians: Furey

Newfoundland & Labrador Premier Andrew Furey says “we’re going to have to wait and see” if Trump follows through on the tariff threats.

“One thing is certain,” he says. “We need to be ready. We also need to make sure that we’re strong and unified in the approach... This is a historical moment, and existential moment for Canadians, and it rightfully deserves the federal government to stand up and be there in support.”

10:57 a.m. EST: Americans are ‘very, very afraid’ of the tariffs: Ham

There’s still no word on when or what tariffs will be implemented yet and CTV News political analyst Eric Ham says this is how Trump’s administration operates.

“It’s been nothing but chaos and confusion since Donald Trump came into office. We know that there’s been a flurry of executive orders from this administration, many of which have been blocked by judges,” Ham says.

When asked what people in the U.S. are saying about the potential tariffs, he says everyone is “very, very afraid.”

“The cost of food is already up, and if Donald Trump goes through with these tariffs, we’re going to see an across-the-board increase,” he adds.

10:35 a.m. EST: ‘Buy Canadian’ can be tricky at the grocery store

If the federal government triggers retaliatory tariffs on U.S. imports, Canadians will look for home-grown goods. But that will pose a challenge – especially at the grocery store.

Due to Canada’s shorter growing season, about 80 per cent of our fruit and 60 per cent of our vegetables are imported from the U.S and Mexico, CTV National News senior correspondent Heather Wright reports.

“Right now, because it is the cold season we have to get a lot of stuff from the States, primarily from California,” Jake Burkhart, a manager at Lady York Foods, a grocery store in Toronto, tells CTV News.

And what about products with ties on both sides of the border?

“Kraft peanut butter is made in Montreal with peanuts from the United States by a brand owned by an American company,” said Sylvain Charlebois, a food policy professor at Dalhousie University. “So is that a Canadian product or an American product?”

10:32 a.m. EST: What does the U.S. import from Canada?

The Associated Press

10:20 a.m. EST: Impact on Canadian seafood industry

B.C. exports more than a billion dollars worth of seafood to the U.S. every year, and Canada doesn’t have “obvious alternative markets to the U.S.,” B.C. Seafood Alliance’s Christina Burridge tells CTV News.

Burridge adds that Canada will be in a difficult position should Trump’s tariffs follow through.

When asked whether Canada has looked at other markets, she says they’re always looking for new ones, but the country mainly sells down the “I5 corridor,” which is a highway that leads from Vancouver to San Diego since the transportation links “work really well.”

“It’s not easy to find alternatives because Eastern Canada would be a difficult market for us,” she said. “Transportation costs are higher, they have their own seafood ... yes, we are looking, but there are no easy solutions here.”

10:10 a.m. EST: Trump posts on social media

Trump is spending his Saturday morning sharing posts on his Truth Social page – but not specifically on the looming tariffs he could place on Canadian imports.

Just before 8 a.m. EST, Trump shared that several Americans who were detained by Venezuelan authorities during nationwide protests last summer have been released and have arrived on U.S. soil.

Minutes later, Trump wrote that both Ellie Cohanim and Phil Flynn were “GREAT” during their Saturday morning segments on Fox News’ “Fox & Friends.” Cohanim focused on Israel, while Flynn discussed the impact on tariffs with several countries, including Canada.

9:55 a.m. EST: How might Canada respond?

Prime Minister Justin Trudeau has said ‘everything is on the table’ for how Canada might respond to U.S. tariffs, but premiers are divided.

Alberta Premier Danielle Smith and Saskatchewan Premier Scott Moe want oil exports kept out of any retaliatory measures, while Ontario Premier Doug Ford has threatened to cut off his province’s energy supply to several states.

Conservative Leader Pierre Poilievre said Canada should focus on U.S. products and services Canadians don’t need.

“We’re both going to lose as Americans and Canadians if we get in a trade war,” he told CTV News Atlantic late last month. “We can buy elsewhere to maximize the impact on Americans and minimize the impact on Canadians.”

Liberal leadership candidate Chrystia Freeland proposed targeting all Tesla vehicles – putting pressure on Trump supporter Elon Musk -- and U.S. alcohol.

9:49 a.m. EST: Trickle-down effect to small communities

An alliance of mayors have joined to address the looming tariff threats. Cathy Miller, Pelee Township Mayor, tells CTV News that “the uncertainty alone is the entire problem.”

“Trade is the source of prosperity and security between our nations. It certainly affects our border communities right away,” Miller said.

Miller says the uncertainty of the tariffs is bad for Canadian and U.S. economies. But her biggest concern is how interdependent and interconnected the prosperity of her community’s economy is to our neighbours to the south.

“As you know, Windsor is the automotive capital of Canada and it is our anchor of our region ... when we talk about the trickle-down effect on a community like mine, it’s around people losing their discretionary income and the pressures that can be put on disposable income.”

9:26 a.m. EST: What might be the retaliatory tariffs?

Though it’s still unclear what American imports will be hit with retaliatory tariffs, Kentucky Bourbon and orange juice from Trump’s home state of Florida are said to be options.

Food policy professor at Dalhousie University Sylvain Charlebois says Canada “will likely apply tariffs on specific products that will not hurt our food basket.”

“Breakfast cereals, most of it is American. So I do see Ottawa slapping a tariff on those products because sometimes they are seen as less healthy and that could resonate with a lot of people,” he adds.

9:20 a.m. EST: Small businesses impacted

Dani Kagan, co-founder of Mave and Chez, started her ergonomic shoe company in 2020 during the pandemic. She tells CTV News that the tariffs are a challenge she knows she will overcome, but it’ll be “a tough one.”

“This is not the result that we wanted to have, but it is going to impact us. So, we need to make some decisions and get through this as a small business.”

9:00 a.m. EST: What is a tariff?

Tariffs - a tax on imported or exported goods - have become a concern in Canada following a series of threats spanning months from Trump.

Companies importing products into the U.S. will be required to pay a tax on those products.

Conversely, if Canada were to apply tariffs on goods imported into Canada, Canadian businesses that import from the U.S. would pay a tax on those imports, likely making products from the U.S. more expensive for Canadian consumers.

Read more here

Jan. 31, 7 p.m. EST: Canada has taken ‘lazy route’ for buying produce

Farmers across Canada have sold their produce to other countries, primarily the U.S. It’s also cheaper for Canadians to buy fruits and vegetables from both the U.S. and Mexico.

Sylvain Charlebois, a food distribution professor at Dalhousie University, says Canada has taken the “lazy route” of importing from our southern neighbours.

“That’s the cheapest way, [and the] easiest way, to do it,” he added. “The hardest way is to actually have a plan -- and Canada doesn’t have a plan.”

Jan. 31, 7 a.m. EST: Liberal ministers make last-ditch pitch to Trump

Foreign Affairs Minister Mélanie Joly, Public Safety Minister David McGuinty and Immigration Minister Marc Miller were in Washington, D.C., on Friday, making a final diplomatic push to convince Republican lawmakers and Trump’s team to sway the U.S. president.

Joly says she has been in communication with her U.S. counterpart, Secretary of State Marco Rubio, as Trump’s claim to put a 25 per cent tariff on imports on Feb. 1 draws closer.

Jan. 27, 12 p.m. EST: Trump says the U.S. subsidizes Canada. Does it really?

Canada and the U.S. have one of the world’s most integrated trading partnerships. The U.S. imports more Canadian goods than it exports north of the border. That difference is called a trade deficit.

Since taking office Jan. 20, Trump has said the U.S. subsidizes Canada, pointing to $45-billion trade deficit between the two countries, which he has incorrectly claimed is closer to $200 billion.

Jim Stanford, an economist and director of the Centre for Future Work, says Trump and his team know there’s a difference between a trade deficit and a subsidy.

“Mr. Trump quite literally makes these numbers up and they can change from one day to the next, $100 billion, $200 billion, $300 (billion). It’s like a game show,” Stanford said.