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Trump Says US Will Raise Tariffs on Canadian Cars, Auto Parts and Steel to 50% From Jan. 1, 2027
Summary
- President Donald Trump said he will raise tariffs on Canadian cars, auto parts and steel to 50% starting Jan. 1, 2027.
- Trump took issue with Canada's unfair trade practices and agricultural tariffs, and said the US is running a $60 billion trade deficit with Canada.
- Trump said tariffs can be avoided by expanding production in the US, adding that "if you produce in the United States, the tariff is zero."
Forecast Trend Report by Period
President Donald Trump said the US will raise tariffs on Canadian cars, auto parts and steel to 50% starting Jan. 1, 2027.
Walter Bloomberg, a market news account, reported on Aug. 24 that Trump said, "Starting Jan. 1, 2027, we will raise tariffs to 50% on all cars and trucks, large and small, as well as auto parts and steel."
Trump accused Canada of maintaining unfair trade practices and cited its tariffs on agricultural products. He claimed the US is running a $60 billion trade deficit with Canada because of that trade structure.
He said companies can avoid the tariffs by expanding production in the US. "If you produce in the United States, the tariff is zero," Trump said.
Trump also kept up his tough rhetoric toward Canada, saying, "We don't need Canada, but Canada needs us." He added that "Canada will no longer be treated like a state."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.