By Canadian Press

Here’s the latest as the U.S. imposes tariffs on goods from Canada and Mexico

Mar 5, 2025 | 4:45 AM

OTTAWA — U.S. President Donald Trump has imposed tariffs on imports from Canada and Mexico including a 25 per cent across-the-board levy, with a lower 10 per cent charge on Canadian energy, triggering a continental trade war.

Canada has responded with 25 per cent retaliatory tariffs on $30 billion worth of American products, and will expand them to cover another $125 billion in U.S. goods in 21 days.

Here’s the latest news (all times eastern):

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6:30 a.m.

Stock markets in the U.S. were set to bounce back after U.S. Commerce Secretary Howard Lutnick seemed to suggest some sort of compromise is in the works when it comes to the punishing tariffs.

The futures market pointed to a positive open for U.S. stock markets, a day after they posted broad losses.

Lutnick told Fox Business after the close of trading Tuesday that Trump may amend the tariffs, though it was unclear what he was considering.

“None of that pause stuff — but I think he’s going to figure out, ‘You do more and I’ll meet you in the middle some way,'” Lutnick said.

This report by The Canadian Press was first published March 5, 2025.

The Canadian Press