Donald Trump started a trade war in the world as soon as he took over as President of America. Recently, he announced a 25 percent tariff on goods imported from Canada, while retaliating, Canada also announced to impose 25% tariff on electricity. After this, the tariff on Canada was postponed, but now Donald Trump has once again tightened his attitude on Canada. According to reports, US President has announced to double the proposed tariffs on steel and aluminum imports from Canada.
Tariff will reach 50 percent
This new announcement of Donald Trump means that all the steel and aluminum products coming from Canada to the US will now be replaced by 50 percent tariff instead of 25 per cent already proposed. According to Reuters report, US President Donald Trump has said that he has decided to increase the tariff on Steel-Aluminum Products from Canada, in response to ONTARIO Canada to impose 25 percent tariff on electricity. Explain that electricity is supplied to 1.5 million homes of America by Ontario with the most densely populated Canadian.
This warning was given to Canada
In a post on his Truth social media platform, President Trump said that he has instructed the Commerce Secretary Howard Lutenik to put an additional 25 percent tariff on the products and it will be implemented from today i.e. today. Apart from this, the report said that Trump has alerted to reduce the tariffs on Canada dairy products and cars and said that if Canada does not reduce high tariffs, then he will increase the tariff further.
Effect on US stock market
Due to Trump’s tariff war, its impact has been seen on markets around the world for the last few days. In such a situation, now this trade war is expected to increase with this new announcement of Trump. After this announcement of Trump, there has been a huge upheaval in the already broken American stock markets. Let us know that on Tuesday, the American markets once again closed in the red mark. Dow Jones broke down around 1.50%. On Wednesday, its impact can be seen on Asian markets including India.
There was an outcry on Monday
America’s stock markets saw a huge decline on Monday. Dow Jones were seen in a hurry and it slipped to 1100 points during the business, although in the end the index fell by 2.08% or 890 points to close at 41,911.71. The same situation was seen as S&P-500 as Dow Jones and it was closed with a decline of 155.64 points or 2.70%. At the same time, the NASDAQ saw a big fall and fell 4% to close at 17,468.32, this is the biggest decline in this index since September 2022.
