Trump tariff | Highlights: Canada to pursue legal action against US for tariffs

Trump tariff live updates: Cryptocurrency prices slid as the spectre of a global trade war put investors on edge and pushed them out of risky assets.

Bitcoin was down more 4% early on Monday morning in Asia, touching a three-week low around $96,606. Smaller cryptocurrency ether was down around 12% and back to levels last seen in early November.

Trump tariff live updates: Canada will take legal action under the relevant international bodies to challenge the 25% tariffs imposed by the United States on most Canadian goods, a senior government official said on Sunday. The officials called the tariffs illegal and unjustified.

Trump tariff live updates: The United Auto Workers (UAW) union supports the "aggressive tariff action" announced by U.S. President Donald Trump, according to the union's president.

In a statement on X, Shawn Fain said: “The UAW supports aggressive tariffs to protect American manufacturing jobs. This is a good first step in fixing years of unfair trade policies that hurt workers.”

However, Fain clarified that the union does not support some of Trump's other policies. He criticized the use of factory workers “as pawns in a fight over immigration or drug policy.”

He also said Trump's overall policies have been “anti-worker,” leading to lower wages and worse working conditions.

Fain urged the government to renegotiate the United States-Mexico-Canada Agreement (USMCA) alongside the new tariff actions.

Trump tariff live updates: Donald Trump’s tariffs on imports from Canada may soon be felt in New England through higher home-heating bills.

Irving Oil Ltd., a refiner based in Canada’s Atlantic province of New Brunswick, is notifying some customers in New Hampshire that the cost of the tariffs will be added to their propane prices once they go into effect. (Bloomberg)

Trump tariff live updates: Mexico's President Claudia Sheinbaum argued on Sunday that reason should prevail a day after her government and the U.S. announced tariffs against one another.

She adopted a defiant tone as she insisted she does not lack courage to respond.

Trump tariff live updates: According to research from automotive consultant AlixPartners, Trump's tariffs will add $60 billion in costs to the industry, much of which is likely to be passed on to consumers.

At the consumer end of the supply chain, the average price of a new car may climb by about $3,000, Wolfe Research analysts have said, further straining affordability with prices already close to all-time highs.

“It is going to be a lot of impact,” Aruna Anand, chief executive officer of parts supplier Continental AG’s North American business, said in an interview.

“The auto sector is going to shut down within a week,” said Flavio Volpe, president of Canada’s Automotive Parts Manufacturers’ Association. (Bloomberg)

Trump tariff live updates: Mexican President Claudia Sheinbaum offered to give more details on ‘plan b’ of the country's response to tariffs imposed by US President Donald Trump.

Trump tariff live updates: Canadian officials announced Sunday they will provide a mechanism for Canadian businesses to obtain relief from retaliatory tariffs set to take effect against the United States in the coming days.

Under the so-called "remission process," Canadian businesses could apply for tariff relief or refunds, provided they meet certain conditions.

Companies would be eligible for the relief if goods cannot be sourced domestically or reasonably from non-U.S. sources. The government would also consider relief on a case-by-case basis in "other exceptional circumstances that could have severe adverse impacts on the Canadian economy." (Reuters)

Trump tariff live updates: “Now is the time to choose products made right here in Canada. Check the labels. Let’s do our part. Wherever we can, choose Canada,” said Canadian Prime Minister Justin Trudeau on X.

Trump tariff live updates: President Donald Trump's new tariff orders contain clauses suspending a duty-free exemption for low-value shipments below $800. The provision was widely seen as a loophole that has allowed shipments of fentanyl and its precursor chemicals into the United States.

Overdoses of fentanyl, a powerful and addictive painkilling drug, killed nearly 75,000 Americans in 2023, according to the U.S. Centers for Disease Control and Prevention.

Trump tariff live updates: A Canadian official said that counter tariffs imposed by Ottawa on US imports did not intend to target specific states.

Trump tariff live updates: A Canadian official told Reuters that Trump's tariffs would impact the country's economy negatively but asserted that the administration has a plan to offset the impacts.

Trump tariff live updates: A senior official from the Canadian government said tariffs imposed by US president Donald Trump violated provisions of the free trade agreement (FTA). He also clarified that the tariffs would not affect goods on transit.

A European Union (EU) spokesperson said the bloc would 'respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.

“The European Union regrets the US decision to impose tariffs on Canada, Mexico, and China. Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides,” the spokesperson said.

US President Donald Trump said Sunday that Americans may feel economic "pain" from his tariffs on key trading partners, but argued it would be "worth the price" to secure US interests.

"Will there be some pain? Yes, maybe (and maybe not!)" Trump wrote Sunday morning in all-caps on his Truth Social media platform.

"But we will Make America Great Again, and it will all be worth the price that must be paid," he added.

Trump tariff live updates: China's Ministry of Foreign Affairs has said it "firmly deplores and opposes" the US imposition of 10 per cent tariffs on Chinese goods and vowed to take necessary countermeasures to defend its legitimate rights and interests.

China has said that the US unilateral tariff hikes severely violate World Trade Organization (WTO) rules. The Chinese Ministry of Foreign Affairs noted that this move cannot solve the problems of the US at home and does not benefit either side.

"We're deeply concerned about how these tariffs could affect the world's economy," Japanese finance minister Katsunobu Kato told a Sunday show on Fuji TV.

Fuji TV said Kato also stressed the need to "thoroughly assess" the possible effects of Trump's tariffs policy on the foreign exchange market.

Klaas Knot, a member of the European Central Bank's governing council, said on Sunday that he expects new tariffs imposed by U.S. President Donald Trump will lead to higher inflation and interest rates in the Unites States that will likely weaken the euro.

Knot, who is also the Netherlands' Central Bank President, said in an interview on Dutch television program Buitenhof that trade wars harm all sides, and the best reaction to tariffs in economic terms is to do nothing - but that he expect countries will retaliate out of political considerations. (Reporting by Toby Sterling;Editing by Elaine Hardcastle)

According to UK home secretary Yvette Cooper, the tariffs announced by US President Donald Trump risk having a ‘really damaging impact’ on the global economy as he pursues tariffs against the US’s nearest neighbours.

Trump"We are assessing any potential effects on the automotive industry and our company as a result of the announced tariffs," the carmaker said.

"We are counting on constructive talks between the trading partners to ensure planning security and economic stability and to avoid a trade conflict."

Trump tariff live updates: South Korea's acting President Choi Sang-mok has ordered government agencies to ‘closely monitor’ any impact on domestic firms and the economy after US President Donald Trump ordered sweeping tariffs on goods from Mexico, Canada and China.

Trump tariff live updates: Hours after US President Donald Trump signed an executive order imposing 25 per cent tariffs on almost everything the US imports from Canada, outgoing Canadian Prime Minister Justin Trudeau said he has no choice but to impose countermeasures.

In a press conference in Ottawa, Justin Trudeau addressed Americans directly and invoked the two neighbouring countries' shared history and longstanding security and military alliances. Read more

Trump tariff live updates: Tariffs on goods imported from the US's three largest trade partners could upend industries from autos to consumer goods to energy, reports Reuters.

Executives have been able to deflect questions about dealing with tariffs before Saturday's announcement, and many wanted to avoid antagonizing Trump's White House after he took office. That non-response may no longer be possible.

Trump tariff live updates: There will be a 25 per cent duty on all imports from Mexico and most goods from Canada (With a 10 per cent carve-out for energy items like crude oil) and a 10 per cent tariff on Chinese goods. Therefore, products such as fruits and vegetables, meat, gas, automobiles, electronics, toys, clothing, lumber, and beer and spirits will get more expensive, according to a CNN report. Know more.