Canada's Prime Minister Mark Carney announced a delayed retaliation to the U.S. President Donald Trump's increased tariffs on steel and aluminum, citing ongoing trade negotiations. Meanwhile, the NDP caucus declared it would vote against the government's Throne Speech, potentially leading to a confidence vote and an election, though the NDP leader stated Canadians don't want an election now. The Bank of Canada also held its key interest rate steady due to trade uncertainty.
Politics Insider: Canada takes its time in response to U.S. tariffs
Politics
AI Summary
TL;DR: Key points with love ❤️Canada's Prime Minister Mark Carney announced a delayed retaliation to the U.S. President Donald Trump's increased tariffs on steel and aluminum, citing ongoing trade negotiations. Meanwhile, the NDP caucus declared it would vote against the government's Throne Speech, potentially leading to a confidence vote and an election, though the NDP leader stated Canadians don't want an election now. The Bank of Canada also held its key interest rate steady due to trade uncertainty.
Trending- 1 1976: Canada joined G7.
- 2 1981: First G7 summit in Montebello, Que.
- 3 1988: G7 summit in Toronto.
- 4 1995: G7 summit in Halifax.
- 5 2002: G7 summit in Kananaskis, Alta.
- 6 2010: G7 summit in Muskoka, Ontario.
- 7 2018: G7 summit in Charlevoix, Que.
- 8 March (before article): Trump initially imposed 25% tariffs on metals.
- 9 Last week: King Charles delivered the Throne Speech in Ottawa.
- 10 This week: Prime Minister Mark Carney met with premiers in Saskatoon.
- 11 Today (June 4, 2025): Trump raised tariffs to 50%; Mark Carney announced Canada would not immediately retaliate; NDP caucus announced it would vote against the Throne Speech; Bank of Canada held its key interest rate steady.
- 12 Future: Negotiations for a new trade and security deal with Washington; vote on the Throne Speech; next G7 summit in Kananaskis from June 15-17.
- Potential for a new trade and security deal with the U.S.
- Potential defeat of the minority government and a snap election in Canada
- Continued economic uncertainty
- Impact on duty-free shops and Canadian tourism to the U.S.
What: Canada is delaying retaliation to increased U.S. tariffs on steel and aluminum. The NDP caucus plans to vote against the government's Throne Speech, which is a confidence matter. The Bank of Canada held its key interest rate steady.
When: Today (June 4, 2025); March (Trump initially imposed tariffs); last week (King Charles delivered Throne Speech); today (Bank of Canada announcement).
Where: Canada (Ottawa, Parliament Hill, Saskatoon, Montebello, Toronto, Halifax, Kananaskis, Muskoka, Charlevoix); United States; Mexico, Japan, Europe (Canadian travel destinations).
Why: Canada is delaying retaliation due to ongoing intensive discussions with the U.S. on a new trade and security deal. The NDP is voting against the Throne Speech because it doesn't address their priorities (health care, housing, jobs) and is seen as 'Conservative-lite.' The Bank of Canada held rates due to uncertainty about U.S. tariffs and economic data.
How: Prime Minister Mark Carney announced the delay in retaliation. NDP Interim Leader Don Davies held a news conference to announce the caucus's decision. The Bank of Canada made a news release regarding its interest rate decision.