More countries fight back against Trump’s tariffs, with China and Canada leading on retaliation

EU hits backmost against U.S. tariffs

I’m Alexandra Jones, a elder writer for CBC News.

The European Union has approved a program to retaliate against the 25 per cent tariff connected alloy and aluminum that U.S. President Donald Trump levied successful March.

The 27-nation bloc, which called the U.S. tariffs “unjustified and damaging,” is readying a raft of tariffs mostly successful the 25 per cent scope connected a assortment of U.S. imports, including motorcycles, poultry, covering and immoderate types of nutrient products.

These countermeasures volition travel into effect successful stages, starting connected April 15.

Trump besides slapped the EU with a broader 20 per cent tariff past week, but the bloc is inactive figuring retired however to respond to that.

A gut cheque coming connected Capitol Hill

I’m Alexander Panetta, a Washington-based analogous for CBC News.

Here's what I'm watching for today: signs of panic connected Capitol Hill.

In a coincidence of timing, we've got U.S. Trade Representative Jamieson Greer testifying successful Congress for the second-straight day.

It's a utile gauge for whether there's momentum successful Congress to measurement successful and restrict Trump's usage of tariffs.

They person the law powerfulness to bash it, but it's highly unlikely. To walk 1 of the anti- tariff bills floating around, you'd request a two-thirds bulk to override Trump's veto. Good luck.

Getting 20 Republican senators and 70-something Republican House members to spell to warfare against Trump is nary casual feat.

That said, they're sweating. Nervousness astir the system was palpable erstwhile Greer testified yesterday successful the Senate.

One aft another, Republicans asked: What's the program here? What's the exit strategy? Who came up with this tariff formula?

Or, successful the memorable words of 1 legislator up for re-election adjacent year, Thom Tillis of North Carolina: "Whose pharynx bash I get to choke if this proves to beryllium wrong? ... I privation you good — but I americium skeptical.”

‘Uncomfortable but normal’ deleveraging

The Dow and the S&P 500 some opened successful antagonistic territory. But the absorption of Wall Street has shifted to the enslaved market.

Treasury Secretary Scott Bessent told Fox News, ”I judge that determination is thing systemic astir this — I deliberation that it is an uncomfortable but mean deleveraging that's going connected successful the enslaved market.”

The biggest interest contiguous is what’s happening connected the enslaved market. The output connected the U.S. 10-year treasury enactment has been climbing steadily done this crisis.

Usually, bonds are seen arsenic a harmless haven for investors. But successful this case, treasury yields person seen their sharpest four-day ascent since the 2008 fiscal crisis.

Yields emergence erstwhile prices autumn — truthful the interest present is that enslaved buyers are selling disconnected U.S. bonds astatine a clip they usually bargain them.

All eyes connected the enslaved market

I’m Peter Armstrong, the elder concern analogous for CBC News.

Investors are bracing for different unsmooth time connected the markets. Stocks are acceptable for a sell-off astatine the open, deepening a sell-off that started past Thursday.

But each eyes volition beryllium connected the enslaved marketplace today. Bonds person slumped arsenic the commercialized warfare escalates, prompting fears that a commercialized warfare that sparked a banal marketplace plunge could present go a recognition crisis.

Good morning. I’m Jenna, a elder writer successful Toronto, and I’ll beryllium curating this unrecorded leafage today.

The planetary commercialized warfare has escalated considerably this morning, with China slapping an 84 per cent retaliatory tariff connected U.S. exports successful effect to Trump’s 104 per cent levy connected Chinese exports.

Global markets are rejecting the determination this morning, and U.S. banal futures are looking grim, too.

Meanwhile, Canada’s ain retaliatory tariffs against the U.S. besides came into effect today.

The national authorities imposed a 25 per cent tariff connected non-CUSMA-compliant vehicles — and non-Canadian, non-Mexican components successful CUSMA-compliant vehicles — from the U.S.

Follow on with america for quality and investigation successful Canada and astir the world.