U.S. President Donald Trump has said he will impose a 25 per cent tariff on Canadian goods as early as Saturday.
Politicians and business groups are making a final push today in the hope of avoiding or mitigating the move, and the economic uncertainty that would follow.
Here’s the latest (all times Eastern):
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11:20 a.m.
The Canadian dollar fell to its lowest level against the U.S. dollar since the early days of the pandemic as U.S. tariffs on Canadian goods loomed and Statistics Canada reported the economy contracted in November.
The Canadian dollar dipped below 69 cents US earlier in the day on fears of a trade war.
Desjardins managing director Royce Mendes says in an analysis this morning that the loonie has farther to fall if tariffs take effect.
Although currency markets reacted to the announcement, Mendes says the magnitude was relatively minor compared to what should be expected if it turns out that 25 per cent across-the-board tariffs will be in place for an extended period of time.
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10:30 a.m.
It remains unclear what decision U.S. President Donald Trump has made in regard to slapping Canada with tariffs, as well as the outcome of his Thursday night deliberations on whether oil will be included in the duties.
There will be a White House briefing at 1 p.m. where press secretary Karoline Leavitt will face questions from reporters.
Trump is scheduled to sign executive orders around 3 p.m. The president has used these opportunities, including on Thursday, to answer questions from the press.
Trump is set to leave the White House around 5 p.m. to travel to Mar-a-Lago, his Florida club which has become a base for Republicans and the president’s team.
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10 a.m.
Prime Minister Justin Trudeau says Canada is ready to deliver a “purposeful, forceful but reasonable immediate” response if U.S. President Donald Trump imposes tariffs on Canadian imports.
During an event in Toronto today, Trudeau said that it’s “not what we want, but if he moves forward, we will also act.”
His comments come as three federal cabinet ministers are in Washington making a last-ditch attempt to stop Trump from slapping 25 per cent tariffs on Canadian imports as early as Saturday.
Foreign Affairs Minister Mélanie Joly, Public Safety Minister David McGuinty and Immigration Minister Marc Miller are all in the U.S. capital making a final diplomatic push to convince Republican lawmakers and Trump’s team to sway the president.
This report by The Canadian Press was first published Jan. 31, 2025.
The Canadian Press
