U.S. President Donald Trump’s so-called ‘Liberation Day’ has arrived.
Trump is expected to launch tariffs against countries around the world Wednesday, in what could be the largest single-day escalation of the U.S. trade war.
The president has said he will impose reciprocal tariffs against all foreign trading partners.
These new tariffs are set to take effect immediately and follow similar recent announcements of 25 per cent taxes on auto imports; levies against Canada, China and Mexico; and expanded tariffs on steel and aluminum.
A White House official confirmed Monday that no decision had been made on whether Trump will reinstate additional duties on Canada and Mexico, which he has linked to the flow of fentanyl.
Since Trump returned to office in January, he has rattled global markets with his on-again, off-again trade war with the world.
Trump will make his announcement at 4 p.m. ET in the White House Rose Garden.
In Calgary, local leaders are looking at how to safeguard our economy against Trump’s levies.
The mayor’s tariff advisory group, made up of the Calgary Chamber of Commerce, Calgary Economic Development and city representatives met for a third time on Tuesday.
Some of the strategies discussed include regional business licensing, a local procurement strategy, developing a shared online resource list or alternative sourcing of tariff-impacted goods, a campaign to promote domestic tourism and the use of apps supporting local businesses.
“We’ve now gone through a round of experiencing the tariffs and the folks around the tariffs advisory group are still saying the same thing, it’s important to say calm and think of solutions,” said Mayor Jyoti Gondek.
Federal leaders prepare their response
Longtime trading partners are preparing for their own countermeasures.
Liberal leader Mark Carney is pausing his campaign again and heading back to Ottawa Wednesday where he’ll shift back into Prime Ministerial duties in order to craft Canada’s response.
During a campaign stop Tuesday in Winnipeg, Carney said Canadians are facing “the biggest crisis of our lifetimes” as Trump tries to reshape the U.S. economy and weaken Canada.
“We are going to be very deliberate in terms of the measures we take to fight for Canada.”
On Wednesday, Conservative leader Pierre Poilievre will be in Toronto to deliver a keynote address.
NDP Leader Jagmeet Singh will be in Winnipeg to make an announcement.
