OTTAWA – The U.S. paused tariffs Thursday on goods that meet the rules of origin requirements under the Canada-U.S.-Mexico Agreement, and lowered levies on potash to 10 per cent until April 2.
Ottawa has responded by suspending a planned second wave of retaliatory tariffs.
Here is the latest news (all times Eastern):
———
6:15 p.m.
Alberta Premier Danielle Smith says her government’s retaliatory measures against U.S. tariffs will remain in effect until U.S. President Donald Trump stops threatening to use them.
She says the back-and-forth imposition of tariffs by Trump this week has been nothing but confusing and is causing significant investment uncertainty.
Like other provinces, Alberta has said it will cut off American liquor and only contract Canadian companies for government services moving forward.
———
6 p.m.
British Columbia Premier David Eby says the province is not prioritizing adding a surcharge to electricity exports to the United States akin to measures being taken by Ontario Premier Doug Ford, but B.C. will not rule out such a move either.
Eby says B.C.’s electricity market is tightly integrated with that of the western United States, and the province buys power from American producers when it’s cheap while selling it when it’s expensive – a trade that’s worth about $1 billion to the Canadian side in some years.
He adds that B.C. can be completely self-sufficient in terms of electricity but would require additional costs to ratepayers as well as drawing down reservoirs that would have major implications, and the province is willing to do so if required as part of a national response to the tariffs.
B.C. has traditionally been among the four Canadian provinces along with Quebec, Ontario and Manitoba in exporting power to the United States, but recent droughts have meant the province has become a net importer of electricity in recent years.
———
5:30 p.m.
Matthew Holmes, executive vice-president and chief of public policy at the Canadian Chamber of Commerce, says the government’s measures to support workers and businesses are “strong first steps” toward “mitigating the damage caused by the U.S.-provoked trade war.”
———
5:00 p.m.
Canadian mystery author Louise Penny says she is boycotting the United States.
The bestselling writer from Quebec’s Eastern Townships says she won’t go to the U.S. until the end of the trade war, which she characterizes as an “economic sword” wielded by U.S. President Donald Trump.
She cancelled plans to launch her new novel “The Black Wolf” at the Kennedy Center in Washington, D.C., and will instead hold the event at the National Arts Centre in Ottawa.
———
4 p.m.
Prime Minister Justin Trudeau met with business leaders and officials in Old Montreal on Friday for a roundtable discussion.
Trudeau, flanked by Foreign Affairs Minister Mélanie Joly and Industry Minister François-Philippe Champagne, said the purpose of the meeting was to speak with business leaders and representatives from different sectors of the Quebec economy about working together and strengthening internal supply chains in the face of tariffs imposed by the United States.
———
3 p.m.
Alberta Premier Danielle Smith says she’s inclined to keep Alberta’s trade sanctions on the United States in place amid shifting messages from U.S. President Donald Trump.
Smith says she wants to get feedback from her United Conservative Party caucus about whether to maintain the province’s measures, which include a ban on future purchases of U.S. booze and video lottery terminals.
Her government also announced earlier this week that it will prioritize buying from countries that don’t violate trade agreements.
———
12:28 p.m.
Stocks in Canada and the U.S. tumbled lower again today in response to continued uncertainty over tariffs on U.S. imports from Canada and the U.S.
The financial markets have been volatile since U.S. President Donald Trump imposed tariffs early in the week, only to grant a temporary reprieve on Thursday.
The S&P/TSX composite index, which was up shortly after the start of trading, was down 63.62 points at 24,520.42 in trading just after noon.
The Dow Jones industrials average was down 278.18 points at 42,300.90.
———
12:10 p.m.
U.S. President Donald Trump says additional tariff carve-outs could continue when asked Friday about Wallstreet’s desire for stability.
Trump says “there will always be changes and adjustments.”
Trump signed executive orders Thursday delaying tariffs on goods that meet the rules of origin requirements under the Canada-U.S.-Mexico Agreement, and lowering levies on potash to 10 per cent, until April 2.
———
12:05 p.m.
U.S. President Donald Trump said Friday he may hit Canadian lumber and dairy with “reciprocal” tariffs.
Trump said those additional tariffs could come soon or early next week.
He complained about Canadian dairy tariffs, saying they were up to 250 per cent, without explaining how those duties actually work or acknowledging that the U.S. also has industry-related tariffs of its own.
“They are very difficult to deal with, the Canadian representatives,” Trump said.
———
12 p.m.
The federal government has put together a $6.5-billion aid package and is making temporary changes to the employment insurance program to support Canadian businesses through the trade war with the United States.
Ottawa’s new Trade Impact Program earmarks $5 billion over the next two years to help businesses cope with decreased U.S. sales and reach new global markets.
It’s also making $500 million available for business loans of between $200,000 and $2 million at preferred interest rates, and another $1 billion for loans specifically for the agricultural sector.
The government is also building new flexibility into the employment insurance program to help businesses retain workers by reducing work hours.
———
10:20 a.m.
Public Safety Minister David McGuinty says the Liberal government will continue its efforts to strengthen border security and crack down on fentanyl.
He didn’t directly answer when asked whether there is a way to convince the Trump administration that Canada’s efforts on border security are enough to secure permanent tariff relief.
“It’s in our own self-interest to strengthen that border. It’s in our interest to appoint a fentanyl czar, which we’ve done,” he said at an unrelated press conference Friday.
“The fact that a new administration has raised the profile of the need to address the fentanyl crisis is something we accept. And it has helped accelerate a number of investments.”
———
10 a.m.
Conservative Leader Pierre Poilievre says his message to U.S. President Donald Trump is simple: “Knock it off.”
Speaking to reporters in Toronto this morning, Poilievre says Trump needs to stop the chaos that’s hurting American workers and consumers.
Poilievre says putting Canada first means “that we can’t rely on President Trump or the Americans anymore.” He also attacked the Liberals, saying they have not done anything to “bring home our jobs, business and economic sovereignty” since Trump first threatened tariffs in November.
———
6:30 a.m.
The futures market pointed to a positive open for U.S. stocks this morning to close out a volatile week of trading.
Stock markets have been under pressure since U.S. President Donald Trump first imposed tariffs on U.S. imports from Canada and Mexico earlier this week.
The S&P/TSX composite index lost almost 300 points on Thursday, while the Dow industrials fell more than 400 points, adding to its losses from earlier in the week.
This report by The Canadian Press was first published March 7, 2025.
