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Alberta Investment Management Corp. (AIMCo) , the provincial pension and endowment manager whose board and CEO were purged in November, posted a 12.3 per cent return for the year ended Dec. 31.

The return of AIMCo’s balanced fund, which reduces the impact of portfolios that contain a large amount of fixed income and money market investments, was 12.6 per cent. Like some other large Canadian pensions , AIMCo’s results were slightly below its benchmark return, which incorporated particularly strong equity market returns in 2024.

Total assets under management grew to $179.6 billion from $160.6 billion at the end of 2023.

In November, the Alberta government removed the entire AIMCo board and dismissed chief executive Evan Siddall, who had been at the helm since 2021. Finance Minister Nate Horner said a “reset” was necessary because costs were rising at the fund manager and performance wasn’t keeping up.

A senior bureaucrat was installed as interim CEO and, on Nov.20, former prime minister Stephen Harper was brought on as chair and three of the purged board members returned to AIMCo.

The fund manager’s balanced fund generated a four-year return of 7.8 per cent and a 10-year return of 7.4 per cent, according to figures released Thursday. The total returns for the same periods, which includes the impact of the fixed income-heavy portfolios, were 7.4 per cent and 6.9 per cent.

Last year, AIMCo’s infrastructure and private equity investments posted returns of 12 per cent and 11.8 per cent, respectively, topped only by public equities at 24.7 per cent. The money market and fixed Income portfolio posted a return of 4.6 per cent, while the real estate portfolio, which faced “difficult market conditions,” was down two per cent in 2024.

“With its focus on long-term strategy, the AIMCo team delivered strong results for our clients during 2024,” interim CEO Ray Gilmour said in a statement.

• AIMCo shutters offices in New York and Singapore
• AIMCo cuts DEI role and 18 other jobs

AIMCo operates from offices in Edmonton, Calgary, Toronto, London and Luxembourg. Siddall and his team had opened offices in Singapore and New York to help generate new investments, but those were closed in February in the first major move after the boardroom and executive shakeup last November.

• Email: bshecter@postmedia.com

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Dollarama Inc. expects Canadians will continue to seek more value for their money amid ongoing economic uncertainty and the likelihood that U.S.-imposed tariffs will weaken the economy.

On Thursday, the company reported higher sales and earnings in its fourth quarter and provided guidance for its next fiscal year, with expectations of another solid performance tempered by cautious consumer spending.

The discount retailer said it believes consumers will continue to respond positively to product affordability given heightened concerns about the current economic and trade environment.

“Certainly, fiscal 2026 is gearing up to bring its fair share of challenges and uncertainty,” chief executive Neil Rossy told analysts during the fourth quarter 2025 earnings call.

Rossy said the direct impacts of the trade war on Dollarama’s business involve the counter tariffs on a portion of goods it imports from the U.S.

“While customer behaviour remains difficult to forecast, our assumption is that consumers will remain cautious on discretionary spending and continue to seek out value,” he said.

The CEO said most of the goods expected to be affected by the tariffs are consumables, which the company can navigate through product substitutions or pricing adjustments when necessary.

“While our concept may be more resilient than most, when consumers spend less, they tend to spend less everywhere. So, you know, tariff wars are no good for anyone,” said Rossy.

Dollarama provided the current year’s guidance range of three to four per cent comparable store sales, compared to the previous year’s actual 4.6 per cent result. It forecasts gross margin to be between 44.2 and 45.2 per cent in the fiscal year, compared to a prior actual result of 45.1 per cent.

The company was either in line with or beat estimates for the quarter, reporting better than expected revenue and same-store sales.

Sales were up 14.8 per cent to $1.88 billion in the quarter ended Feb. 2 compared to a year ago, an increase it said was driven by growth in both its total number of stores and its comparable store sales over the past 12 months.

Same store sales grew 4.9 per cent in the quarter as the number of transactions increased 5.3 per cent, with a 0.4 per cent drop in average transaction size. This was well above the 3.3 per cent consensus by analysts.

The company attributed the growth primarily to continued demand for consumables, along with positive comparable store sales performance on seasonal items.

“Through Fiscal 2025 and in a weakening economic environment, Dollarama was there for Canadians by delivering compelling year-round value across our broad assortment of everyday goods and convenience through our growing national store network,” Rossy said in a press release.

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Dollarama’s net earnings also increased in the quarter to $391 million, up 20.8 per cent from the previous year — bringing diluted net earnings per common share up from $1.15 to $1.40, an increase of 21.7 per cent.

• Email: dpaglinawan@postmedia.com

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A resolution that challenges United States President Donald Trump’s national security justification for tariffs against Canada , passed in the U.S. Senate on Wednesday evening with bipartisan support.

“The act that the president has used to declare an emergency to impose tariffs is an act that was designed to be used against adversaries,” said Democratic U.S. Sen. Tim Kaine, during remarks on the floor of the U.S. Senate chamber on Wednesday. “I stand here strongly in the belief that Canada is not an adversary, they’re an ally .”

On Feb. 1, Trump justified 25 per cent tariffs on Canadian goods and 10 per cent tariffs on Canadian energy, based on the International Emergency Economic Powers Act (IEEPA), which authorizes the president to regulate imports during a national emergency under the National Emergencies Act. The White House’s rationale was that the flow of fentanyl crossing the Canadian border met that threshold.

During the 2024 fiscal year, U.S. Customs and Border Protection seized 43 pounds of fentanyl in the Northern border area compared to 21,900 pounds at all U.S. border areas.

Kaine, who is from Virginia, said on Tuesday the resolution aims to “turn off” the Canadian border emergency declared by Trump which he calls “made-up.” The resolution is co-sponsored by U.S. Sen. Amy Klobuchar from Minnesota and U.S. Sen. Rand Paul, a Republican from Kentucky.

The final vote tally for the resolution came in at 51 yeas and 48 nays, with secured votes from all Democratic senators and three additional Republican senators, including U.S. Sen. Susan Collins from Maine, U.S. Sen. Mitch McConnell from Kentucky and U.S. Sen. Lisa Murkowski from Alaska.

Collins has previously expressed her concern over tariffs, pointing to the level of integration between Maine and Canada’s economies.

“The tariffs on Canada would be detrimental to many Maine families and our local economies,” said Collins, during remarks on the floor of the U.S. Senate chamber on Wednesday.

Other Republican lawmakers have publicly voiced concerns about tariffs and the impact they have on their constituents, including U.S. Sen. Charles Grassley from Iowa and U.S. Sen. Jerry Moran from Kansas.

The resolution will now be sent to the U.S. congress, which holds a Republican majority. Trump also has the power to veto, but Kaine said on Tuesday a bipartisan vote might convince the White House to rethink its tariff strategy.

On Wednesday, Trump said he would never approve the resolution.

• Questions about Trump's tariffs? Join our live Q&A at noon
• Trump's plan includes ‘fallback’ in case fentanyl justification falters
• These are the highlights from Trump’s big tariff announcement

“The Senate bill is just a ploy of the Dems to show and expose the weakness of certain Republicans, namely these four, in that it is not going anywhere because the House will never approve it and I, as your President, will never sign it,” he said, in a post on social media.

The resolution passed the same day Trump imposed sweeping country-by-country reciprocal tariffs to roll back what he views as “unfair trade practices.” Although Canada was spared from any additional reciprocal tariffs.

• Email: jgowling@postmedia.com

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United States President Donald Trump Wednesday imposed reciprocal global tariffs on the trading partners that sent shock waves around the world and markets plunging.

Join the Financial Post as we bring you live news and analysis on the fallout of the announcement and how it affects Canada and the world.

Click here to go straight to today’s news.

Today’s highlights

• Stock markets plunge as worldwide tariffs set in
• Oil sector scrambles despite tariff reprieve 
• Canada to impose 25% tariff on U.S. autos
• Tariff shock could tip U.S. growth to zero, say economists
• New fears in Canada’s oilpatch as tariffs threaten global growth
• Canadian dollar gains ground as greenback fades
• Canada’s trade falls into the red as exports plunge
• How did Russia dodge reciprocal tariffs?
• Build bridges, not barriers on ‘most lucrative, productive border in the world’
• Trump’s tariffs trigger two-week shutdown at Stellantis plant in Windsor
  
• Stock markets sea of red with ‘no place to hide’

What did Trump announce?

Trump announced minimum tariffs of 10 per cent on all trading partners, scheduled to take effect on Saturday, but higher, individualized tariff rates will be implemented for certain countries on April 9.

Those higher tariffs include a 34 per cent tariff on China, a 20 per cent levy on imports from the European Union, a 25 per cent tariff on South Korea and a 32 per cent levy on Taiwan.

What tariff level did Trump impose on Canada?

The White House said Canada and Mexico remain under previous economy-wide duties the president has linked to the flow of fentanyl across the borders and are not subject to Trump’s latest tariffs.

Goods compliant under the Canada-United-States-Mexico Agreement (CUSMA) will continue to be free of tariffs, but non-compliant goods face tariffs of 25 per cent, with a 10 per cent carveout for energy and potash. The 25 per cent tariffs on steel and aluminum are also still in place.

However, if the existing 25 per cent tariffs on Canadian goods are later axed, non-CUSMA-compliant goods would be only subject to a 12 per cent reciprocal tariff.

What’s next for Canada?

Prime Minister Mark Carney said Trump’s tariff regime will “fundamentally change the global trading system” but didn’t offer further details on Wednesday.

The prime minister said that while Canada wasn’t hit with the latest levies, it’s still subject to 25 per cent tariffs on steel and aluminum and 25 per cent duties on automobile imports which will come into force on Thursday.

The automobile tariffs have spread confusion throughout the deeply integrated North American auto market .

Tariffs live blog

• Questions about Trump's tariffs? Join our live Q&A at noon
• Canada escapes new levies as Trump imposes reciprocal tariffs

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United States President Donald Trump unleashed another barrage of tariffs against the world on Wednesday, though Canada was largely spared.

Trump imposed sweeping tariffs ranging from 10 per cent to 49 per cent on dozens of countries in response to what he believes are global trade imbalances.

Though Canada and Mexico avoided further tariffs on Wednesday, Liberal Leader Mark Carney has promised to respond and is planning to meet with premiers on Thursday to discuss the country’s next steps.

But what does this mean for Canada’s economy? Are there any further reactions to come? How about the resulting effect on investors?

Financial Post reporters Serah Louis, Gabriel Friedman and Jordan Gowling answered your questions during a live Q&A in the comment section of our website.

Tariff timeline so far

• February 4: Trump originally pledged his tariffs would begin, but then he delayed them by 30 days.
• March 4: Trump imposed 25 per cent tariffs on Canada and Mexico, but 10 per cent on Canadian energy and potash. Canada responded with countermeasures totalling $30 billion.
• March 5: Trump granted automakers a reprieve from tariffs, then postponed tariffs on goods covered by the Canada-United-States-Mexico Agreement (CUSMA) the next day.
• March 10: Ontario imposed a 25 per cent surcharge on electricity exports, but soon repealed them.
• March 12: The U.S. imposed 25 per cent tariffs on steel and aluminum imports. Canada imposed matching retaliatory tariffs totalling $15.6 billion a day later, along with further tariffs worth $14.2 billion.
• April 2: Trump imposed sweeping tariffs on international trading partners, though goods covered under the CUSMA have been spared.

• Canada escapes new levies as Trump imposes tariffs
• Highlights from Trump’s big tariff announcement

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Canada and Mexico might have got off (relatively) easy on Donald Trump’s Liberation Day, but for the rest of the world the tariff blow was far worse than expected — and market reaction suggests the biggest loser could be the United States.

The U.S. yesterday announced i t will impose a 10 per cent tariff on all countries, with some facing even higher rates, including 34 per cent for China and 20 per cent for Europe.

This pushes the U.S. effective tariff rate to more than 20 per cent — the highest level since the 1940s, said Toronto-Dominion Bank economists.

While Trump said trading partners could negotiate to lower those rates, analysts expect rising trade tensions and the initial shock of the announcement will lead to some retaliation.

“In the next hours and day, the world’s reaction, likely retaliation and how much effort and money countries will deploy to fight the U.S. back will matter,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

“For now, everyone’s sinking, but the U.S. is going under first.”

U.S. stocks took the brunt of the selloff after the announcement. Futures dropped more than 4 per cent, compared with a 1.7 per cent decline in Asian stocks. European futures fell 2.4 per cent before paring losses.

The U.S. dollar fell against all G-10 currencies, dropping to its weakest level against the Canadian dollar since mid-December.

Analysts say there is growing anxiety that Trump’s upheaval of global trade threatens not only the U.S. economy, but the world’s as well.

“It’s definitely more aggressive than what people were expecting,” Brad Bechtel, head of foreign exchange at Jefferies Financial Group Inc. in New York, told Bloomberg. “It’s a bigger doom loop for the rest of the world.”

Canada remains under the tariffs Trump had already imposed but was not subject to this latest round. It will though feel their sting as global growth slows, particularly in the United States.

“Canada and Mexico didn’t go down with the ship, but they are left bobbing away in frigid waters,” said Derek Holt, head of Capital Markets Economics at Scotiabank.

The “astronomical increase” in the effective tariff rate on U.S. imports could shave 1 to 2 per cent off America’s gross domestic product in the medium term, said economists with CIBC Capital Markets.

Tariff revenue could soften the blow over time, but in the short run businesses and consumers are likely to hold off investment and major purchases in hopes tariffs are reduced, they said. The Federal Reserve will likely hold off rate relief as inflation rises.

Prime Minister Mark Carney warned yesterday that Trump’s tariffs would “fundamentally change the international trading system,” and he expects that to be negative for the U.S. economy.

“That will have an impact on us,” he said.

Questions about Trump tariffs? Join our live Q&A at noon today when Financial Post reporters Gabriel Friedman and Jordan Gowling will take your questions. Register here

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If you thought gold was rich in American dollars, try it in Canadian.

Spot gold peaked at US$3,149 an ounce on Tuesday, which works out to about $4,509.50.

Compare that to the summer of 2022 when gold was going for half that, said Douglas Porter, chief economist at BMO Capital Markets. 2008 was the first time gold hit $1,000 an ounce.

Even taking inflation into account, gold’s record run is impressive, he said. The past peaks adjusted for inflation were $3,000 an ounce in 1980 and later in 2020.

“Real prices are now about 50 per cent above even those lofty heights,” said Porter.

 

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• Earnings: Dollarama Inc., Conagra Brands Inc., Lamb Weston Holdings Inc

• Canada escapes new levies as Trump imposes sweeping reciprocal tariffs
  
• These are the highlights from Trump’s big tariff announcement
  
• Oilpatch wish list for transforming energy policy makes its election debut

From credit card approvals to loan interest rates, your credit score’s consequences can help or hold you back from achieving your goals. Mary Castillo has tips on how to build credit and maintain a good score.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course). McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.

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Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at  posthaste@postmedia.com .

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U.S. President Donald Trump ’s sweeping reciprocal tariff plan comes with a “fallback” for free trade partners Canada and Mexico if a national emergency declaration on border controls and fentanyl used in February to justify 25 per cent tariffs on them doesn’t hold up.  

While no new tariffs were imposed on the two countries, the order Trump signed Wednesday contemplated the possibility of the justification being terminated or suspended, which would trigger a new 12 per cent levy.

“This is the fallback” said William Pellerin, a partner in the international trade practice at law firm McMillan LLP and former deputy director at Global Affairs Canada.   “If, for whatever reason, the original 25 per cent tariffs based on fentanyl trade are dropped — including because Canada or other parties successfully challenge those tariffs — then another fight looms to challenge these additional reciprocal tariffs that would take their place.”

According to the executive order, the reduced “ad valorem” rates of duty would not apply to energy, potash or any article eligible for duty-free treatment under the three-way CUSMA trade agreement that is a part or component of any article substantially finished in the United States.

Fen Osler Hampson, co-chair of the expert group of Canada-U.S. relations at Carleton University, said he would not be surprised if the stance on Canada was influenced by growing pushback in the United States, including Virginia Democratic Senator Tim Kaine’s challenge to the imposition of tariffs on Canada, which has even drawn support from Republicans.

“I think they’re obviously worried,” Hampson said. “The fact that there are a number of Republicans who call them on it, I think the message is getting through that we’re not the problem.”

The U.S. administration may also simply opt to reduce tariffs on Canada to the 12 per cent level. All that would need to happen is for officials to decide “that progress has been made on fentanyl/illegal immigration,” economists at Toronto-Dominion Bank said in a note Wednesday.

Hampson said the rhetoric about Canada appeared diminished Thursday, despite Trump’s pointed criticism of the country’s protected dairy industry. Hampson said the U.S. administration appears to be taking note of the interconnectedness of the economies and the potential harm of disrupting that.

“There’s recognition that there’s a lot of hidden wiring in this relationship, that if you take a chainsaw to it, you’re going to get electrocuted,” he said. “And so that that does seem to have gotten through (though) it doesn’t mean that we’re not going to experience some pain.”

The Canada-United States-Mexico Agreement also appears to be offering some protection against the sweeping and punitive shift in U.S. trade policy. Over the past few months, Trump singled Canada out for criticism over its treatment of U.S. imports including lumber and dairy, threatening “retaliatory” tariffs, but he has also backed away from some of this rhetoric as products covered under the three-way North American trade pact adopted in 2020 were exempted.

Clifford Sosnow, a partner in the international trade and investment group at Fasken Martineau DuMoulin LLP, said Trump’s latest order has the effect of “safeguarding” the CUSMA trade agreement “and giving it special treatment in certain circumstances, with the notable exception of steel and aluminum.”

For now, Canada remains subject to the 25 per cent fentanyl/illegal immigration tariff, along with 10 per on energy and potash, with carve outs for CUSMA compliant goods.

TD’s note said around 40 per cent of the dollar value of goods travelling across the border are declared CUSMA compliant, but added that the figure could climb with the incentive of avoiding tariffs.

“It’s estimated that 80 to 90 per cent of the value of exports could become CUSMA compliant,” the analysts wrote.

• Trump imposes sweeping reciprocal tariffs
• Highlights from Trump’s big tariff announcement

Hampson agreed.

“As we’ve seen in the past couple of weeks, a lot of companies are filling out that paperwork so because it’s in their interest to do so,” he said.

• Email: bshecter@postmedia.com

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S&P 500, Dow Jones and Nasdaq indexes are all down after U.S. President Donald Trump announced harsher-than-expected tariffs on American trading partners.

An $11-billion exclusive deal between Rogers and the NHL announced today gives the telecommunications company the rights to broadcast hockey games across the country for the next 12 years. Rogers promises fewer regional blackouts and says a continuation of its streaming deal with Amazon is a “strong possibility.”

The Windsor Assembly Plant in southwestern Ontario will be down, with workers off the job for the next two weeks.

United States President Donald Trump on Wednesday imposed reciprocal global tariffs on the country’s trading partners after a press conference at his Make America Wealthy event in the White House Rose Garden.

Dubbing his latest executive order “a declaration of economic independence,” he said these tariffs are a retaliation for tariff and non-tariff trade barriers imposed by other countries, both friends and foes.

Here are the highlights, and what they mean for Canada and the world:

• The U.S. imposed a minimum baseline global tariff rate of 10 per cent on all countries
• Countries with larger trade imbalances will see tariff rates as high as 49 per cent
• No new tariffs were imposed on Canada and Mexico
• Canada will continue to face tariffs of 25 per cent on non-CUSMA goods and 10 per cent on non-CUSMA potash and energy
• CUSMA qualified goods remain exempt from tariffs
• The U.S. added a clause in case the current tariff regime, justified by fentanyl trafficking, is terminated. If that happens, the 25 per cent tariff on non-CUSMA goods will fall to 12 per cent
• Previously imposed tariffs on Canadian steel, aluminum and autos remain in place
• Gold and copper are among goods exempt from the reciprocal tariffs

What did Trump announce?

The Trump administration is enacting minimum tariffs of 10 per cent on all trading partners, scheduled to take effect on Saturday, but higher, individualized tariff rates will be implemented for certain countries on April 9.

“These tariffs will remain in effect until such a time as President Trump determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved or mitigated,” a White House fact sheet said.

• Canada escapes new levies as Trump imposes sweeping reciprocal tariffs
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During his press conference, Trump held up a chart of countries and their customized reciprocal tariff rates, such as China and the European Union, which face rates of 34 per cent and 20 per cent, respectively.

Canada and Mexico did not appear on the list.

The U.S. government also said it will impose 25 per cent tariffs on automobile imports on April 3, while duties on auto parts will follow on May 3.

What tariff level did Trump impose on Canada?

The White House fact sheet said the 10 per cent baseline levy will not be added to the tariffs Canada is already facing.

Goods compliant under the Canada-United-States-Mexico Agreement (CUSMA) will continue to be free of tariffs, but non-compliant goods face tariffs of 25 per cent, with a 10 per cent carveout for energy and potash. The 25 per cent tariffs on steel and aluminum are also still in place.

However, if the existing 25 per cent tariffs on Canadian goods (which Trump imposed earlier this year due to what he claimed were concerns about illegal immigration and fentanyl crossing the border) are later axed, non-CUSMA-compliant goods would be only subject to a 12 per cent reciprocal tariff.

“It looks like it’s not a mortal blow, nor is it an existential threat to the country,” Fen Osler Hampson, a professor of international affairs at Carleton University and co-chair of the Expert Group on Canada-U.S. Relations, said. “It means that CUSMA is not dead.”

What’s next for Canada?

Liberal Leader Mark Carney told reporters that reciprocal tariffs will “fundamentally change the international trading system,” but didn’t offer further details on Wednesday.

The White House has said it could increase or expand the scope of its reciprocal tariffs if trading partners retaliate or if U.S. manufacturing capacity and output worsen.

It also said reciprocal tariffs could be reduced or limited on countries where “non-reciprocal trade arrangements and align sufficiently with the United States on economic and national security matters.”

But some economists say Canada needs to stand its ground.

“I remain of the view that when confronted by such zero-sum forces, the pacifist’s dictum that one must roll over and resist retaliation is wrongheaded,” Derek Holt, vice-president and head of capital markets economics at the Bank of Nova Scotia, said in a note on Wednesday.

“The only way to dissuade the U.S. administration from such policies and reassert one’s right to self-determination in unwavering fashion is to shove back just as hard.”

What are the global implications?

Gold, which typically increases amid periods of economic uncertainty, surged to a record high ahead of Trump’s address. After the press conference, S&P 500, Nasdaq 100 and Dow Jones futures plunged.

Anonymous sources told Bloomberg prior to the press conference that China has begun to pause registration and approvals for local companies trying to invest in the U.S., a possible move to gain leverage in trade negotiations.

“The $64,000 question is: How are (these countries) going to retaliate? If we get into a major tariff war, then we are going to very quickly slide into a global recession,” Hampson said. “It’s not just the tariffs, but the knock-on effects on investment because nobody is going to be investing in anything in this kind of hostile trade environment.”

Still, he said he believes other countries will start trying to negotiate their reciprocal tariffs down.

“(The Trump administration is) going to be overwhelmed by a long line of countries that are going to want to negotiate exemptions or reductions on tariffs, and that’s going to overload the circuits.”

slouis@postmedia.com

U.S. stocks whipped through another dizzying day on Wednesday in the final hours before U.S. President Donald Trump unveiled the tariffs promised as part of his "Liberation Day," which could drastically alter the global economy.

Imposes tariffs on trading partners in biggest assault yet on a global economic system

United States President Donald Trump announced sweeping reciprocal tariffs against U.S. trading partners on Wednesday, but did not apply an additional levy on Canada.

“This is one of the most important days in my opinion, in American history,” Trump said from the White House Rose Garden. “It’s our declaration of economic independence.”

During a sprawling press conference, Trump railed against countries he alleged have blocked U.S. access to their markets, stolen intellectual property and imposed “exorbitant” taxes on U.S. firms.

He then read from a chart that listed reciprocal tariff rates the U.S. was imposing on many countries, with tariffs ranging as high as 49 per cent set to take effect on April 9. Significant trading partners on the list included China, which will be hit with a 34 per cent tariff, and the European Union, which is facing a 20 per cent tariff. According to an executive order signed by the president, all U.S. trading partners will be subject to a baseline 10 per cent tariff as of April 5.

Canada, however, was not on the list, and the executive order later confirmed that it would not face additional tariffs. Rather, the existing tariff regime, which exempts goods covered by the Canada-United-States-Mexico Agreement (CUSMA), will remain in place.

The exemption on CUSMA goods and tariffs of 25 per cent on non-CUSMA goods and 10 per cent on non-CUSMA energy and potash “are unaffected by this order,” a White House fact sheet said.

Canada still faces a number of tariffs imposed by the U.S. administration, including a 25 per cent tariff on autos and auto parts, which are set to take effect on April 3.

A fact sheet released by the White House last week said the auto tariff will only apply to the value of non-U.S. content in exported vehicles from Canada, but it’s not immediately clear how the U.S. plans to execute this.

A 25 per cent tariff on Canadian aluminum and steel announced on March 12 also remains in effect.

Speaking to reporters in Ottawa following Trump’s announcement, Prime Minister Mark Carney said the global reciprocal tariffs will still have an impact on the Canadian economy.

“We’re in a situation where there’s going to be an impact on the U.S. economy … that will have an impact on us,” said Carney. “The series of measures will directly affect millions of Canadians.”

Carney, who is running in the federal election as leader of the LIberal Party, said Canada would respond and “fight these tariffs with countermeasures.”

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The reciprocal tariffs announced Wednesday were billed as matching duties that would help the U.S. “roll back” the unfair trade practices of other countries.

The hardest hit countries include Cambodia, which will face a 49 per cent tariff, Vietnam, at 46 per cent and Sri Lanka, at 44 per cent.

Trump used the International Emergency Economic Powers Act of 1977 (IEEPA) to justify the tariffs, declaring a national emergency “posed by the large and persistent trade deficit” caused by what he claims are unfair trade practices.

• Email: jgowling@postmedia.com

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Musk has since asserted himself in Washington in support of far-right candidates and causes, leading to protests

U.S. President Donald Trump announced Wednesday his long-awaited plan to impose what he's calling "retaliatory" tariffs on imports coming from dozens of countries — but the White House said there will be no more across-the-board levies applied to Canada than what has previously been announced.

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The former Treasury chief also criticized Trump’s particular form of protectionism. 'It’s not even good mercantalism,'

Ian Lee, associate professor, Sprott School of Business at Carleton University, talks with Financial Post’s Larysa Harapyn about how the Great Depression is ‘a great case study’ when it comes to understanding current trade tensions .

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• Email: lharapyn@postmedia.com

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