GERMANY: CSU Approves Coalition Deal; SPD Migration Group Advocates 'No' Vote
The Christian Social Union (CSU), the Bavarian sister party of chancellor-in-waiting Friedrich Merz'...
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US: CANADA: Trump Escalates Trade War With Canada
US President Donald Trump has escalated a trade war with Canada, increasing tariffs on Canadian metals set to take effect at 00:01 ET on March 12, in response to Ontario Premier Doug Ford's decision to hike the price of electricity exported to Michigan, Minnesota, and New York by 25%.
- Trump said on Truth Social: "I have instructed my Secretary of Commerce to ad an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA... This will go into effect [March 12th]."
- Trump added: "I will shortly be declaring a National Emergency on Electricity within the threatened area. This will allow the U.S to quickly do what has to be done to alleviate this abusive threat from Canada. If other egregious, long time Tariffs are not likewise dropped by Canada, I will substantially increase, on April 2nd, the Tariffs on Cars coming into the U.S. which will, essentially, permanently shut down the automobile manufacturing business in Canada."
- Trump repeated a regular comment that Canada should become the 51st US state, likely to inflame relations with Prime Minister designate Mark Carney: "This would make all Tariffs, and everything else, totally disappear," Trump said.
- Ford said yesterday: “I will not hesitate to increase this charge. If the United States escalates, I will not hesitate to shut the electricity off completely,”
- Quebec Premier François Legault has also indicated he is exploring a similar move with Politico noting that New York, "imported 7.7 terawatt hours of power from Ontario and Quebec last year — more than any other state."
US INFLATION: MNI US CPI Preview: Calm Before The Tariff Storm
We've just published our preview of the February CPI report, due for release on Wednesday March 12 at 0830ET.
USD: USDCAD jumps 80 pips
USDCAD jumped some 80 pips on those latest Tariffs comment from Trump.
USDCAD has found some offers at 1.4500 for now, fading back down to 1.4470 now.
Donald J. Trump@realDonaldTrump
"Based on Ontario, Canada, placing a 25% Tariff on “Electricity” coming into the United States, I have instructed my Secretary of Commerce to ad an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD. This will go into effect TOMORROW MORNING".
This was part of his Truth Comment.
