U.S. launches tariff war, here's what Canadians need to know: live updates

Sweeping U.S. tariffs on Canadian goods went into effect today after U.S. President Donald Trump dashed hopes of a reprieve on Monday.

Canada is retaliating with $30 billion in tariffs of its own, with an additional $125 billion in levies set to take hold after 21 days.

Prime Minister Justin Trudeau said in a press conference Tuesday morning that the U.S. has launched a “dumb” continental trade war and Canada is fighting back. He said that he will be meeting with the premiers Tuesday afternoon to talk about potential non-tariff responses.

Trudeau said the federal government will be there to support Canadians through measures like enhancing employment insurance “no matter the cost.”

Mexican President Claudia Sheinbaum said today her government would announce tariffs and other measures on Sunday in response to the U.S. duties and she expects to speak with Trump on Thursday.

Here is what is happening Day One of Trump’s tariffs:

Any possibility that tariffs on Canada and Mexico might be delayed or reduced was seemingly quashed Monday afternoon when Trump declared there was “no room left” to negotiate on the 25 per cent levies, which were originally announced in January.

“I would just say this to people in Canada or Mexico, if they’re going to build car plants, the people that are doing them are much better off building here because we have the market,” Trump said during a press conference.

Trump’s confirmation that the tariffs on Canada and Mexico would proceed — and that tariffs on China would be doubled to 20 per cent — sent stock markets tumbling, with the Dow Jones industrial average dropping close to 650 points and the S&P/TSX composite index falling nearly 400 points.

The development came after the U.S. Secretary of