Starting March 12, US President Donald Trump will impose a 25% tariff on imports from Canada and Mexico, the first and third-largest steel suppliers to the US. In response, Canada swiftly implemented a 25% tariff on US$30 billion worth of American goods and plans to expand it to US$155 billion. 

Ontario’s Premier Doug Ford suggested taxing US-bound electricity and restricting metal exports, while Mexico has opted to delay countermeasures. 

The tariffs are expected to disrupt the North American steel trade, leading to reduced exports from Canada and Mexico to the US. As a result, excess steel may be redirected to other markets, causing global supply shifts and price fluctuations. The move has raised concerns over broader instability in the steel industry.