‘Liberation Day’: A timeline of Donald Trump’s trade war with Canada [Video]

For over a year before the November 2024 presidential election, Donald Trump had been signalling he planned to impose across-the-board tariffs if he won the United States presidency.

Trump was elected on Nov. 5, and it’s been a roller-coaster ever since for Canadian leaders and businesses. He has threatened, enacted, modified and delayed multiple rounds of tariffs only to announce additional protectionist trade policies are to come.

The duties are widely seen as inflationary in the U.S., and with Canada’s retaliatory tariffs enacted in response, inflation is also a risk north of the border. Meanwhile, tariffs are likely to weigh on both economies and could even cause a recession.

The Canadian dollar began sliding in the fall of last year and has been hovering around 70 cents US in recent months. Stock markets in Canada and the U.S. have whipsawed with every new piece of tariff news and traditional haven …