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On Monday, President Donald Trump said tariffs on Canadian cars, trucks, auto parts, and steel will rise to 50% on Jan. 1, 2027. He wrote on Truth Social that companies building in the U.S. face "ZERO TARIFFS," citing a $60 billion trade deficit with Canada.
The escalation is already partly in force. A separate round of 50% tariffs on about $20 billion of Canadian goods took effect early Saturday, after trade talks between the two countries collapsed. And Canada is retaliating from Sept. 8, though Prime Minister Mark Carney said Monday it may stop short of matching U.S. tariffs dollar for dollar.
For General Motors (NYSE:GM) , Monday's announcement is a doubling. The tariff on Canadian-built vehicles has stood at 25% since the spring of 2025.
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