Trump says he's doubling steel and aluminum tariffs to 50% starting next week What effect could this have on the global economy? Canadian industry says new steel tariffs will cause 'mass disruption'.
Last Updated: 03.07.2025 03:45
Well. America voted Trump in. Again. Knowing what Trump is. Inexcusable stupidity comes with a price. In this case, literally a price.
The effect on the American market will be disastrous inflation. Canada used to give us a friendship discount. That's dead. The tariff will function as a sales tax, payed by the consumer. Everything made with steel or aluminum will be more expensive. The sad part is that this economic wound is entirely self inflicted.
I think the effect on the global economy will be minimal. Canada will simply find new markets for their steel. Life will go on for Canada and the rest of the world. Disruption will be brief and transitory.