Trump's big tariffs

Photo: CTV

UPDATE 10:05 a.m.

U.S. President Donald Trump says big tariffs are coming.

He says he'll sign an executive order next week.

Trump says he intends to impose steel tariffs of 25 per cent, and aluminum tariffs of 10 per cent.

Major details of the plan are unclear — such as whether this will apply to Canada. Canada is the No. 1 seller of both steel and aluminum to the U.S., with an integrated auto industry and military-industrial base.

The process is mired in confusion.

The White House had a vigorous behind-the-scenes back-and-forth over whether Trump should say anything today. The president was reportedly determined to announce tariffs, then his staff denied an announcement was coming today, and now he's made a statement to the press about it.

ORIGINAL 6:23 a.m.

U.S. President Donald Trump is preparing an announcement with wide-ranging implications for the global economy.

He's scheduled to make a decision on tariffs for steel and aluminum.

What's unknown is how high they'll be, and how many countries he'll hit, following a report from his administration that he could use a national-security excuse to impose tariffs, because steel and aluminum imports are a threat to America's security.

He has until next month to make a decision.

But several U.S. media are reporting that he's eager to impose the broadest possible tariffs, and is itching to make an announcement today. Trump added credence to those reports this morning by tweeting about steel and aluminum — and his belief that the U.S. has been harmed by years of unfair trade.

One country, in particular, will be watching nervously: Canada is the No. 1 seller of both steel and aluminum to the U.S., and it's a leading buyer of U.S. steel, as part of an integrated auto market and defence industry.