Donald Trump Live Updates: Dollar hits 3-month low as US President defends tariffs
Trump Tariff War Live Updates: US President on Tuesday levied 25% tariffs on goods imported from Canada and Mexico, a day after he signed an executive order doubling a tariff on Chinese products to 20%.
Trump Tariff War Live Updates: Analysts expect US’s economic policies to fan inflation pressures
Trump Tariff War Live Updates: The dollar plunged to a three-month low on Wednesday hours after US President Donald Trump imposed fresh tariffs on Canada, Mexico and China. In response, these countries retaliated with their own duties on US imports. Trump’s long-threatened tariffs on three of its key partners citing ineffective border controls, sparked a trade war that hit the stock markets across the globe.…Read More
US President on Tuesday levied 25% tariffs on goods imported from Canada and Mexico, a day after he signed an executive order doubling a tariff on Chinese products to 20%. The administration has said it intends to put a tax on imports from the European Union and collect a 25% tariff on aluminum and steel imports.
Following the tariffs, analysts expect Trump’s economic policies to fan inflation pressures, slow the economy and eat into corporate profits, at a time when multiple reports have suggested a cooling economy.
Trump Tariff War Live Updates: Here are key points
- President Donald Trump’s tariffs against Canada and Mexico went into effect Tuesday.
- Imports from Canada and Mexico will now be taxed at 25%, with Canadian energy products subject to 10% import duties.
- The 10% tariff that Trump placed on Chinese imports in February was doubled to 20%.
- Beijing retaliated Tuesday with tariffs of up to 15%, Canada imposed 25% tariffs on C$30 billion worth of US imports while Mexico imposed 25% tariffs in its own retaliatory tariffs on US goods.
- China also expanded the number of US companies subject to export controls and other restrictions by about two dozen.
- The US shift toward steep tariffs will likely make drugs more expensive and limit access for patients.
- European defence and manufacturing stocks also jumped while the euro rose sharply against the dollar. The Paris stock exchange gained 2.1 per cent while Milan was up 2.2 per cent. London advanced 0.5 per cent.
- Canada’s primary stock index lost all of its gains. The S&P/TSX Composite index fell 1.7% to 24,572 in Toronto, its lowest close since Jan. 13 and down 0.6% from where it started the year.
- Copper prices surged by more than 5% in New York — leaping further above other global benchmarks — as US President Donald Trump suggested imports of the metal could be subject to a 25% tariff.
- The US president has already signed an executive order to impose that levy on aluminium and steel from March 12.
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Mar 5, 2025 11:01 PM IST
Donald Trump live updates: Canada won’t scrap tariffs unless US lifts all duties
Prime Minister Justin Trudeau is not open to lifting Canada’s full package of retaliatory tariffs if US President Donald Trump leaves any tariffs on Canada in place, according to a senior Canadian government official.
Trudeau’s government is cool to the idea of a “middle ground” settlement in the trade war floated by US Commerce Secretary Howard Lutnick.
Mar 5, 2025 10:54 PM IST
Donald Trump live updates: US signals possible exemptions in Canada, Mexico tariffs
US Commerce Secretary Howard Lutnick said an announcement on Canada and Mexico tariffs was expected later Wednesday, signaling potential relief for specific sectors such as automobiles, a day after the steep levies took effect.
Trump is listening to “offers” from Canada and Mexico, Lutnick told Bloomberg Television on Wednesday.
Mar 5, 2025 9:46 PM IST
Donald Trump live updates: Justin Trudeau on Canada’s retaliatory tariffs
Canadian Prime Minister Justin Trudeau is not willing to lift Canada’s retaliatory tariffs if Trump leaves any tariffs on Canada, a senior government official told The Associated Press
The official confirmed the stance on condition of anonymity as they were not authorized to speak publicly on the matter.
Mar 5, 2025 9:08 PM IST
Donald Trump live updates: Volvo unveils China-made electric sedan amid tariff tension
Volvo Car AB presented a new flagship electric sedan built in China as the automaker controlled by Zhejiang Geely Holding Group Co. braces for rising trade tensions, Bloomberg reported.
Volvo is unveiling the new car amid an escalating global trade conflict, with US President Donald Trump’s tariffs hurting an automotive industry already struggling with muted demand.
Mar 5, 2025 8:14 PM IST
Trump Tariff War Live Updates: Mexico could seek other trade partners after, says President
Mexico’s government may look for other trade partners besides the US, the nation’s president said on Wednesday, after US President Donald Trump slapped tariffs on the US’ southern neighbour, reported Reuters.
President Claudia Sheinbaum said that Mexico could shift trade alliances “if necessary,” referring to the possible continuation of the tariffs.
Mar 5, 2025 7:32 PM IST
Trump Tariff War Live Updates: US eyes zero duties on car imports as Tesla entry looms, say sources
The United States wants India to eliminate tariffs on car imports under a proposed trade deal between the two nations, but New Delhi is reluctant to immediately bring down such duties to zero even as it considers further cuts, sources told Reuters.
Mar 5, 2025 7:12 PM IST
Trump Tariff War Live Updates: US to make Canada, Mexico tariff announcement on Wednesday
US Commerce Secretary Howard Lutnick said an announcement on tariffs on goods from Mexico and Canada was expected later on Wednesday after he talked with President Donald Trump, who is weighing possible sectors such as automobiles that could see some potential relief.
Mar 5, 2025 7:00 PM IST
Trump Tariff War Live Updates: US President hails tariffs
US President Donald Trump defended his plan to remake the world’s largest economy through the biggest tariff increases in a century, saying it would raise “trillions and trillions” in revenue, reported Bloomberg.
“Tariffs are about making America rich again and making America great again. And it’s happening, and it will happen rather quickly,” he said.
Mar 5, 2025 6:48 PM IST
Trump Tariff War Live Updates: India’s small exporters seek import duty cuts to counter US steel, aluminium tariffs
India’s small engineering goods exporters have urged the government to cut import tariffs on some U.S. goods to try and achieve more favourable trade terms as President Donald Trump prepares to implement new steel and aluminium duties, the head of an industry body said.
Mar 5, 2025 6:41 PM IST
Trump Tariff War Live Updates: US imposes tariffs on key trade partners
US President on Tuesday levied 25% tariffs on goods imported from Canada and Mexico, a day after he signed an executive order doubling a tariff on Chinese products to 20%.