CNN
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A day after offering Canada a one-month reprieve on punishing nearly across-the-board 25% tariffs, President Donald Trump has threatened new tariffs as soon as Friday on Canadian lumber and dairy products.
“Canada has been ripping us off for years on lumber and on dairy products,” Trump said in an Oval Office address Friday, citing Canada’s roughly 250% tariff on US dairy exports to the country. Trump said America would match those tariffs dollar-for-dollar.
“We may do it as early as today, or we’ll wait until Monday or Tuesday,” Trump said. “We’re going to charge the same thing. It’s not fair. It never has been fair, and they’ve treated our farmers badly.”
Stocks, which were lower to start the day after a mixed bag of a jobs report, fell after Trump’s tariff threat. The Dow was down 300 points, or 0.7%. The broader S&P 500 fell 0.9%, and the tech-heavy Nasdaq was down another 1.2% after falling into correction territory Thursday – a 10% decline from its most recent high.
Trump’s announcement gave investors, businesses and consumers another strong dose of whiplash. Just one day earlier, on Thursday, Trump announced a one-month pause on all tariffs on Canada and Mexico on products that comply with the USMCA free trade treaty. That had given many industries, especially autos and agriculture, a major sigh of relief.
This is a developing story and will be updated.
