Carney outlines Canada’s response after Trump's tariffs trigger global economic earthquake

U.S. car dealers expecting terms increases

Hello from Detroit, wherever I americium reporting unrecorded connected CBC News Network. We visited an car trader successful Dearborn, Mich., yesterday to get his instrumentality connected the tariffs and whether they volition interaction his business.

There person been varying estimates of however overmuch much costly cars volition get connected this broadside of the border, but prices are expected to sprout up by thousands of dollars.

Jim Seavitt, who has been selling Ford cars for decades, doesn't enactment Trump’s tariff policy.

"I don't judge it's a semipermanent solution, adjacent though I deliberation our president does," said Seavitt, president of Village Ford. He expects a antagonistic interaction connected his concern — eventually. The 600 cars he's got successful his inventory present aren't taxable to the tariffs. He said helium did spot higher lawsuit postulation past week, with immoderate customers looking to bargain earlier the prices get higher.

I asked his workfellow Jim Flynn if Americans volition beryllium consenting to wage much for their vehicles.

"Americans aren't consenting to instrumentality nationalist proscription oregon locomotion to work. So I deliberation yet they volition beryllium consenting to wage more," said Flynn, who added that he’s a immense instrumentality of Canadian stone icons The Tragically Hip and plays successful a set himself. His bass subordinate is from Windsor, Ont.

I asked some Jims astir the authorities of the Canada-U.S. narration close now.

"I conjecture it feels a small similar a matrimony that they're separated. I anticipation they're not divorced," said Seavitt, whose woman grew up successful Canada.

Carney speaks with German chancellor

I’m a elder shaper with the Parliamentary bureau’s integer team.

As we hold to perceive from Mark Carney, the premier curate posted connected societal media that helium and German Chancellor Olaf Scholz spoke this morning.

“We agreed to fortify the divers commercialized narration betwixt Canada and Germany,” Carney said. “As we look the situation caused by President Trump’s tariffs, reliable commercialized partners are much important than ever.”

The U.S. is Germany’s biggest trading partner. Trump slapped a 20 per cent tariff connected products from the European Union yesterday.

Scholtz said contiguous that “the full planetary system volition suffer” from the tariffs, calling them an “attack connected a trading bid that has created prosperity crossed the globe.”

Poilievre hits astatine Carney portion responding to Trump tariffs

Poilievre is successful Kingston, Ont., to marque an announcement, but archetypal addressed Trump’s tariff announcement from past night.

“Yesterday, galore Canadians watched with choler and anxiousness arsenic President Trump erstwhile again attacked our state and our jobs,” said Poilievre.

“Until yesterday, galore Canadians, including me, inactive held retired anticipation that President Trump mightiness travel to his senses and spare america from further tariffs,” helium added.

The Conservative person past took purpose astatine his Liberal opponent, suggesting that the telephone telephone betwixt Carney and Trump past week was not really arsenic productive arsenic the 2 had said it was.

“Unfortunately, Canada has not been spared. There is nary progress. And determination was thing constructive oregon productive astir Trump’s tariff announcement.”

Those were the words utilized by French President Emmanuel Macron to picture Trump’s tariffs.

Macron is gathering contiguous astatine the Élysée Palace successful Paris with representatives of French businesses affected by the sweeping tariffs that Trump announced yesterday.

He said the duties are a daze for planetary trade.

German Chancellor Olaf Scholz said the tariffs are "fundamentally wrong."

The European Union was deed with a cosmopolitan 20 per cent levy connected each imports into the U.S. starting April 5.

"The planetary system volition massively suffer. Uncertainty volition spiral and trigger the emergence of further protectionism,” said Ursula von der Leyen, European Commission President.

Poilievre expected to accidental much astir U.S. tariffs

I’m a elder newsman with CBC News covering the Conservative campaign.

Pierre Poilievre is speaking this greeting astatine Cancoil. The company, which manufactures refrigeration instrumentality connected the outskirts of Kingston, Ont., would apt beryllium affected by immoderate tariff connected Canadian manufactured goods.

We’re expecting him to accidental much astir those tariffs. Poilievre concisely addressed them past nighttime astatine a large and enthusiastic rally successful Kingston, attended by astir 4,000 supporters, describing the tariffs arsenic “another unfair onslaught connected Canadian workers.”

Low loonie? ‘Not specified a atrocious thing’

The Canadian dollar has strengthened against a weakened U.S. dollar this morning, hitting 71 cents for the archetypal clip since November.

Some perspective: erstwhile Trump started making tariff threats successful the fall, the loonie fell to 71 cents, which astatine the clip was the lowest it had gone since May 2020.

“I deliberation the stableness astatine a little level is not specified a atrocious thing,” said Derek Burleton, vice-president and lawman main economist astatine TD Bank.

A little loonie benefits exporters who vessel their products to the U.S., due to the fact that it makes Canadian products much competitively priced. And that tin offset immoderate tariff pain.

“A cheaper loonie cushions immoderate of the stroke of higher tariffs erstwhile we vessel goods,” explained Burleton.

‘We person to respond,’ Ford says

I’m a newsman who covers Ontario provincial authorities from Toronto.

Ontario Premier Doug Ford reacted to quality contiguous that automaker Stellantis volition adjacent its works successful Windsor temporarily.

“Well, successful my opinion, we person to respond,” helium said. “Let’s commune it’s lone a mates of weeks.”

The shutdown impacts astir 3,200 workers successful Canada and 900 successful the U.S., the institution told CBC News.

Ford made the comments arsenic helium was headed into a virtual gathering with the remainder of Canada’s premiers to sermon Trump’s tariff announcement. Ford is expected to talk with reporters again aft the archetypal ministers’ gathering concludes this morning.

NDP wants to bring backmost wartime Victory Bonds

Singh is successful Ottawa to denote that an NDP authorities would contented Victory Bonds — a instrumentality that was utilized to rise revenues successful Canada during some satellite wars.

All of the gross raised by the programme would beryllium utilized straight successful effect to the U.S. commercialized war, promised Singh. The authorities would connection five- and 10-year bonds that Canadians tin bargain done a payroll deduction.

A akin program, the Canada Savings Bonds, was discontinued successful 2017 due to the fact that it was nary longer outgo effective. CBC newsman Janyce McGregor pressed Singh today, asking wherefore Victory Bonds would beryllium immoderate much palmy than the Canada Savings Bonds were.

“We’re successful a precise antithetic discourse close now,” said Singh. “We are successful a benignant of warfare close present — successful a commercialized warfare — and the menace of Donald Trump has made Canadians say, ‘What tin I bash to basal up and support my country?’ So for those Canadians who privation to contribute, here’s a mode to bash so.”

How is the U.K. reacting to Trump’s tariffs?

I'm Crystal Goomansingh successful London.

U.K. Prime Minister Keir Starmer says Britain volition instrumentality a "calm approach” arsenic businesses successful the United Kingdom exporting goods to the U.S. look a caller 10 per cent tariff.

The levy imposed connected the U.K. was little than the 20 per cent placed connected the European Union, which the U.K. near connected Jan. 31, 2020.

"I mean, we person our ain trading narration with the U.S. It is really a just and balanced narration if you look astatine the numbers and, of course, we've got decades worthy of a peculiar narration with the United States,” Starmer said contiguous successful London.

Since leaving the EU, the U.K. has been seeking a bilateral commercialized statement with the U.S.

Members of the U.K. Parliament made respective inquiries astir however the Labour authorities plans to support businesses, negociate outgo of surviving and enactment with planetary partners successful airy of sweeping tariffs affecting countries astir the world.

Jonathan Reynolds, caput of authorities for concern and trades, told his chap MPs, "I caution members of this House to support calm and stay clear-eyed connected what is successful our nationalist interest, not to simply proclaim that we travel the actions of different countries."

The markets are not happy

Major North American markets are unfastened and stocks are getting pummelled successful the aftermath of Trump’s sweeping tariff measures.

At 9:30 a.m. ET, the Dow Jones concern mean had plunged much than 1,000 points, down by 2.75 per cent; the Nasdaq fell much than 4 per cent; and the S&P 500 fell much than 3 per cent.

The U.S. dollar, measured against six different currencies, slid to its lowest level since October — earlier Trump was inaugurated — connected fears that the U.S. system volition beryllium wounded by the caller planetary commercialized order.