Today is Wednesday, September 3, 2025, and you’re listening to Canada Tariff News and Tracker, your source for the latest updates on tariffs and trade between the US and Canada. Let’s dive into the key headlines and numbers shaping trade this week.

After months of turbulent negotiations, Canada has eliminated its 25 percent retaliatory tariffs on US goods as of September 1, according to a bulletin from Blakes. These tariffs, which covered around 30 billion Canadian dollars in imported US products, were originally imposed after US President Donald Trump ordered a 25 percent tariff on virtually all Canadian imports except energy, which faced a 10 percent rate. This 25 percent US tariff swept through not only steel and aluminum, but also vehicles and a wide range of consumer items, impacting Canadian industry and households across the board. However, Canadian tariffs on specific US steel, aluminum, and automotive imports remain in place for now, providing continued protection for sensitive sectors.

Listeners will recall that Trump’s broad tariffs sparked a rapid and sharp response from Canada back in March. At the time, Canada retaliated with 25 percent tariffs on about 20 billion US dollars’ worth of American exports, with the option to escalate to cover as much as 85 billion in the future according to Wikipedia’s tariff timeline. Mexico joined the fray with plans for its own countermeasures. The ensuing trade war led to market volatility and slammed retailers and car manufacturers on both sides of the border.

Trump responded in March by announcing exemptions for Canada–United States–Mexico Agreement, or CUSMA-compliant goods. More than 85 percent of Canadian exports qualified, resulting in most Canadian products entering the US tariff-free. Canada initially did not offer reciprocal exemptions but opted to pause the planned escalation of counter-tariffs. Now, with the complete removal of Canadian tariffs on September 1, most US goods are once again unimpaired in Canadian markets, although steel, aluminum, and specific vehicles remain restricted.

It’s worth noting the legal drama unfolding behind these moves. According to reporting from YouTube business analysis and Canadian news outlets, a US federal court ruled many Trump tariffs unlawful earlier this year, but the White House leveraged emergency powers to keep them in effect while fighting a potential Supreme Court appeal. Meanwhile, new Canadian leadership under Prime Minister Mark Carney, elevated by anti-tariff sentiment, is shaping a more cooperative approach.

One last note for listeners tracking market impacts: international analysts at CEPR report that the April tariff showdown triggered a marked US dollar depreciation and a surge in long-term bond yields, both rare for US–Canada trade disputes. This highlights how deeply these tariff battles are reverberating through currency and financial markets.

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