Trump’s statement comes a day after he announced a trade deal with the EU, which would see a 15 per cent tariff imposed on most European goods being exported to the U.S.

General Motors is exposed to billions in costs from the trade war. The residents of Oshawa are already paying the price.

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A three-day meeting in response to President Trump’s looming tariff threat underscored differences between the leaders of Canada’s provinces and territories.

Canada’s retaliatory tariffs on US goods are partially offsetting weaker revenue from corporate and sales taxes as federal government expenditures continue to rise.

The Bank of Canada is expected to hold its policy rate at 2.75 per cent for the third straight time on Wednesday, as core inflation has edged higher in the last few months and the worst-case economic scenarios are less likely.

Trump’s tariffs on Canadian steel and aluminum, autos and goods not covered by the U.S.-Mexico-Canada trade agreement have upended the status quo. He has threatened to raise some of those tariffs to 35 percent by Aug. 1. Canada sends more than 75 percent of its exports to the U.S.

Mexico, Texas’ largest trading partner, has been largely exempt from tariffs due to a March agreement that allowed an estimated 85% to 90% of all Mexican goods to avoid the 25% tariff the Trump administration placed on its imports.

Canada's retail sales shrank by 1.1% in May as consumers curtailed car purchases and spent less at supermarkets, convenience stores and on alcohol, data showed on Thursday.

President Donald Trump’s tariffs could have an unintended side effect: making homeownership even less affordable for many Americans.

The US and EU are racing to lock in the final details of their major new trade deal before Friday's deadline. But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying,