President Donald Trump is set to unveil his plans for reciprocal tariffs on what he is calling “Liberation Day” in the United States.
It’s Trump’s latest round of tariffs that have been driving a wedge between Canada’s relationship with the U.S. and creating economic uncertainty on both sides of the border.
While Trump is heralding it as a move that will boost manufacturing in the United States, many experts worry it will send the country into economic turmoil, all while destroying relationships with longtime alliances.
Speaking with reporters yesterday, White House press secretary Karoline Leavitt provided few details on what the president is expected to announce, only to say today will go down as “one of the most important days in modern American history.”
White House press secretary Karoline Leavitt (C-SPAN)
She said the United States has been one of the most open economies in the world with the best consumer base.
“But too many countries have their markets closed to our exports. This is fundamentally unfair. The lack of reciprocity contributes to our large and persistent annual trade deficit that has gutted our industries and hollowed out key workforces. But those days of America, beginning (today), being ripped off, are over.”
It’s also still unclear if the month-long pause on 25 per cent tariffs on Canada and Mexico will come to an end today.
Prime Minister Mark Carney is taking a break from the campaign trail as he attends meetings in Ottawa.
Trump will make his announcement at 5:30 p.m. NST.
