WASHINGTON — U.S. President Donald Trump is preparing an announcement with wide-ranging implications for the global economy.
He’s scheduled to make a decision on tariffs for steel and aluminum.
What’s unknown is how high they’ll be, and how many countries he’ll hit, following a report from his administration that he could use a national-security excuse to impose tariffs, because steel and aluminum imports are a threat to America’s security.
He has until next month to make a decision.
But several U.S. media are reporting that he’s eager to impose the broadest possible tariffs, and is itching to make an announcement today. Trump added credence to those reports this morning by tweeting about steel and aluminum — and his belief that the U.S. has been harmed by years of unfair trade.
One country, in particular, will be watching nervously: Canada is the No. 1 seller of both steel and aluminum to the U.S., and it’s a leading buyer of U.S. steel, as part of an integrated auto market and defence industry.