State of economy-wide tariffs on Canada unclear as Trump's global trade war escalates

As U.S. President Donald Trump prepares to unveil his so-called "liberation day" plan to hit multiple countries with tariffs, it's still not clear whether a temporary pause on separate economywide duties on Canada will be lifted.

In early March, Trump imposed—and then partially paused—25 acro%ss-the-board tariffs, with a lower 10% levy on energy, on Canada and Mexico.

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Trump linked those duties to the flow of fentanyl but U.S. government data shows that only a very small amount of the drug is seized at the northern border.

The president had said those fentanyl-related tariffs would return today—but the White House indicated earlier this week that no decision had been made.

The world will be watching as the president discusses his reciprocal tariff agenda at the White House around 4 p.m. ET today.

Liberal Leader Mark Carney is pausing his federal election campaign to take part in meetings in Ottawa as prime minister ahead of the U.S. announcement. He is expected to meet virtually this afternoon with his Canada-U.S. relations council and convene a cabinet committee after Trump's speech.

Trump has said he would impose reciprocal tariffs by increasing U.S. duties to match the tax rates other countries charge on imports.

It's not clear what the latest levies could mean for Canada.