Canada warns of economic crisis due to Trump's doubling of steel tariffs

US President Donald Trump's announcement that he would double tariffs on steel and aluminum imports to 50% has sparked widespread concern in Canada, the largest steel supplier to the US market. The Canadian Steel Producers Association described the decision as "catastrophic," warning of the potential loss of thousands of jobs and significant disruption to supply chains between the two countries, at a time when the Canadian government is trying to repair strained trade relations with Washington. This escalation comes at a sensitive time, as the United States-Mexico-Canada Agreement (USMCA) is under review, threatening the future of North America's most important economic partnership. Trump announced on Friday his intention to raise tariffs on steel imports from 25% to 50%, a move that will increase pressure on industrial companies that rely on these metals for their operations. The new tariffs are scheduled to take effect on June 4.