US President Donald Trump announced on social media platform X on August 24 that starting January 1, 2027, the United States will impose a 50% tariff on all cars, trucks, automotive parts, and steel imported from Canada, while products manufactured in the U.S. will face zero tariffs.
US steel stocks jumped in morning trading. Cleveland-Cliffs rose 7%; Steel Dynamics and Nucor rose 5%; Reliance Steel & Aluminum rose 3%; WORTHINGTON STEEL and Commercial Metals rose 2%.
Trump accused Canada of “ripping off the United States for years” with high tariffs on American farmers, creating a $60 billion trade deficit. He wrote: “On January First, 2027, Tariffs on all Cars, Trucks, both large and small, Automotive Parts, and Steel, will be increased to 50%. Build in the U.S. and there are ZERO TARIFFS.”
Trump further criticized Canada as “among the worst Nations in the World to deal with” and stated: “We don’t need Canada, they need us. They do 95% of their business with the U.S., with us, the exact opposite!” The White House has not yet issued an official statement, and the tariff plan would require Congressional approval and adherence to trade laws.
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