According to Trump's post on Truth Social, the new tariffs will take effect on March 12. Trump called on Canada to end tariffs of up to 390% on dairy products and threatened to increase tariffs on Canadian cars by April 2.
In a statement, President Trump criticized Canada's long-term tariffs on US dairy products, which range from 250% to 390%, and called them "outrageous." He also threatened to declare a state of emergency regarding electricity to counter the "outrageous threat" from Canada.
Trump also warned that the US would significantly increase tariffs on Canadian auto imports starting April 2 unless Canada removes other "outrageous" tariffs - a move he said would effectively "shut down the auto business in Canada."
Trump also said that "the only thing that makes sense is for Canada to become our beloved 51st state." This will completely eliminate all tariffs and everything else."
The market reacted to this announcement. Bitcoin fell 4.2% to below $80,000, while the Dow Jones fell nearly 600 points. Investors reacted to trade tensions and the administration's announcement that no new bitcoin purchases are planned for the National Strategic Reserve.
At the time of writing, bitcoin has risen above $81,000.
This tariff dispute has arisen after Trump imposed tariffs on Canadian and Mexican goods. Canada and Mexico have protested this, citing a violation of the trade agreement.
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