Canada's new tariffs would be on steel and aluminum products, as well as U.S. goods including computers, sports equipment and water heaters worth $14.2 billion Canadian ($9.9 billion). That's in addition to the 25% counter tariffs on $30 billion Canadian (US$20.8 billion) of imports from the U.S. that were put in place on March 4 in response to other Trump import taxes that he’s partially delayed by a month.
Trump told CEOs in the Business Roundtable a day earlier that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.