U.S. President Donald Trump announced sweeping reciprocal tariffs on so-called “Liberation Day” Wednesday.
He also unleashed a baseline 10 per cent fee on all imports, but a fact sheet from the White House states Canada is exempt.
Here are the latest updates:
5:43 p.m. EDT: Canada exempt from today’s reciprocal tariff announcement, White House fact sheet states
A fact sheet from the White House states Canada is exempt from Wednesday’s reciprocal tariff announcement.
However, non-compliant CUSMA goods will see a 25 per cent tariff, and non-compliant CUSMA energy and potash will see a 10 per cent tariff.
A 25 per cent tariff on autos is still set to kick in at 12:01 a.m. Thursday.
CTV News
5:25 p.m. EDT: Reports suggest exemption
There are multiple reports suggesting Canada is exempt from the 10 per cent baseline tariff. CTV News is awaiting confirmation from the Prime Minister’s Office and the White House.
Luca Caruso-Moro, breaking news digital assignment editor
5:24 p.m. S&P/TSX composite, U.S. stocks close higher
The S&P/TSX composite index closed up 273.90 points, or more than one per cent, at 25,307.18.
In New York, markets zigzagged throughout the day, with the S&P 500 going between a loss of 1.1 per cent and a gain of the same magnitude.
The Dow Jones industrial average was up 235.36 points at 42,225.32. The S&P 500 index was up 37.90 points at 5,670.97, while the Nasdaq composite was up 151.16 points at 17,601.05.
The Canadian Press
4:54 p.m. EDT: Trump announces baseline 10% tariff on all trading partners
Trump says the U.S. will impose a 10 per cent baseline tariff on all trading partners, in addition to higher tariffs on a series of individual countries and a 25 per cent levy “on all foreign-made automobiles” that will come into effect on midnight Wednesday.
Trump did not immediately say whether that auto tariff would grant any exemption for vehicles made in Canada, or elsewhere in North America.
But he pointed to high tariffs in South Korea and Japan as particular problems for the U.S.
Trump called the imposition of sweeping tariffs on foreign goods “our declaration of economic independence,” while decrying past trade policies that, he said, damaged the country.
The Associated Press
4:39 p.m. EST: Trump announces reciprocal tariff levels
This is the full list of reciprocal tariffs that Trump announced:
- China: 34%
- European Union: 20%
- South Korea: 25%
- India: 26%
- Vietnam: 46%
- Taiwan: 32%
- Japan: 24%
- Thailand: 36%
- Switzerland: 31%
- Indonesia: 32%
- Malaysia: 24%
- Cambodia: 49%
- United Kingdom: 10%
- South Africa: 30%
- Brazil: 10%
- Bangladesh: 37%
- Singapore: 10%
- Israel: 17%
- Philippines: 17%
- Chile: 10%
- Australia: 10%
- Pakistan: 29%
- Turkey: 10%
- Sri Lanka: 44%
- Colombia: 10%
The Associated Press
— Rapid Response 47 (@RapidResponse47) April 2, 2025
4:31 p.m. EST: U.S. to charge ‘approximately half’ in reciprocal fees
“For nations that treat us badly,” Trump said, “We will charge them approximately half of what they are, and have been, charging us.”
The president is now holding a large placard listing tariffs his government will put in place against other countries.
The entire list is not visible. It’s unclear if Canada is included.
4:24 p.m. EDT: Trump confirms auto tariffs
Trump confirmed his government will impose a 25 per cent tariff on all foreign-made automobiles, effective at midnight.
Trump unveiled the auto tariffs last week.
Holding up a hefty report on “foreign trade barriers,” Trump claimed trading partners “stole our intellectual property … adopted unfair rules” and “created filthy pollution havens.”