Trump confirms tariffs are coming: what you need to know

United States President Donald Trump’s proposed tariffs are expected to come into effect this week, a move that promises to have a wide-ranging impact on the Canadian economy and its relationship with its southern neighbour.

Under Trump’s plan, all imports from Canada and Mexico will face a 25 per cent tariff, with the exception of a 10 per cent levy on Canadian energy. The move, Trump says, will remain in effect until both countries crack down on the flow of deadly fentanyl into the U.S.

On Monday, Trump said Mexico and Canada could not negotiate a reprieve from the tariffs scheduled to take effect on March 4.

“No room left for Mexico or for Canada,” he said when asked if the U.S.’s North American neighbours could reach a deal to put off the duties. “They’re all set. They go into effect tomorrow.”

Stock markets on both sides of the border dropped on the news, and Foreign Minister Melanie Joly said Canada has counter-tariffs against U.S.-made products ready to go.

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Some of today’s highlights include:

Howard Lutnick suggests on CNN that tariffs not yet set in stone, while Ontario Premier Doug Ford tells the Prospectors & Developers Association of Canada convention in Toronto that “We’re going to win this tariff war.”

Meanwhile, Canadian exporters go into crisis mode, and the Canadian dollar treads water.

We also fill you in on which Canadian companies will take the biggest hit from tariffs and how much aid is available for federal and provincial governments to help citizens and businesses.

Here’s a look at what you need to know about Canada’s looming trade war with the U.S.:

Trump plans to impose 25 per cent tariffs on all imports from Canada and Mexico, with the exception of Canadian energy, which will face a 10 per