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Trump Threatens New 50% Auto Tariffs on Canada as Loonie Slides and Gold Hits a Record

Tuesday, August 25, 2026   Canadian markets head into Tuesday with a fresh trade shock to digest. President Trump said Monday he'd raise tariffs on Canadian automobiles, auto parts and steel to 50% starting January 1, 2027, posting on Truth Social that "Canada will be treated like a State no longer!" — a sharp escalation just two days after the existing 50% tariffs on roughly $28 billion of other Canadian goods took effect. The threat came even as Canadian Prime Minister Mark Carney's promised retaliatory tariffs, set to begin September 8, remain on the calendar. The loonie took the hit directly, sliding to 72.24–72.27 US cents (about 1.383–1.385 USD/CAD) Monday, down roughly half a cent from Friday's 72.67 cents and pulling well off last week's multi-week high. The TSX, by contrast, still closed higher, propped up by a record-setting rally in gold. Wall Street was more mixed, with chip stocks dragging the S&P 500 and Nasdaq lower even as the Dow eked o...
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China Warns 'No One Will Win a Trade War' After Trump's Tariff Threat

 

 China has issued a stern warning to U.S. President-elect Donald Trump following his announcement of a 10% tariff on all Chinese imports. The Chinese Embassy in Washington emphasized that "no one will win a trade war," highlighting the mutual benefits of U.S.-China economic and trade cooperation.

Trump's proposed tariffs are part of his broader strategy to combat illegal immigration and drug trafficking, particularly fentanyl. He stated that these tariffs would remain until China takes significant measures to halt the flow of drugs into the United States.

Chinese officials have pushed back against these claims, pointing to recent efforts to curb the export of fentanyl precursors and other narcotics-related measures. The embassy spokesperson, Liu Pengyu, reiterated that the idea of China knowingly allowing fentanyl precursors to flow into the U.S. runs counter to facts and reality.

As tensions escalate, the global community watches closely, aware that a trade war between the world's two largest economies could have far-reaching consequences.



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