Trump Doubles Planned Tariffs On Canadian Steel And Aluminum To 50 As Trade War Intensifies

President Donald Trump said Tuesday that he will double his planned tariffs on steel and aluminum from 25 to 50 for Canada, escalating a trade war with the United States' northern neighbor and standing unmoved by recent stock market turmoil and rising recession risks.

Trump said on social media that the increase of the tariffs set to take effect on Wednesday is a response to the price increases that the provincial government of Ontario put on electricity sold to the United States.

"I have instructed my Secretary of Commerce to add an ADDITIONAL 25 Tariff, to 50, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD," Trump posted Tuesday on Truth Social.

After a brutal stock market selloff on Monday and further jitters Tuesday , Trump faces increased pressure to show he has a legitimate plan to grow the economy instead of perhaps pushing it into a recession. But so far the president is doubling down on the tariffs he talked up repeatedly during the 2024 campaign and throwing a once stable economy into utter turmoil as investors expected him to lead with deregulation and tax cuts instead of colossal tax hikes.

The U.S. president has given a variety of explanations for his antagonism of Canada, saying that his separate 25 tariffs are about fentanyl smuggling and voicing objections to Canada putting high taxes on dairy imports that penalize U.S. farmers. But he continued to call for Canada to become part of the United States as a solution, a form of taunting that has infuriated Canadian leaders.