Here are five things you need to know this morning
‘Liberation Day’: The world is waiting for U.S. President Donald Trump’s announcement today of his so-called reciprocal tariff plan. The event is scheduled for 4:00 p.m. EDT at the White House Rose Garden. The Trump administration is still said to be considering multiple options, including a tiered tariff system with a set of flat rates for countries, as well as a more customized plan. Under the first option, countries would see their goods face levies at either a 10 per cent or 20 per cent rate depending on their tariff and non-tariff barriers on U.S. goods. In any case, the White House says the tariffs will take effect immediately after they are announced. BNN Bloomberg will have extensive live coverage of the tariff situation today – including the announcement itself, as well as previews, analysis, and live reports from Canada and the U.S.
Canada’s response: Once the Trump tariff plan is announced, Canadians will be looking for our federal government’s response. Prime Minister Mark Carney has vowed retaliatory measures if Canada is hit with additional tariffs. The Globe and Mail is reporting Canada won’t impose retaliatory tariffs on most U.S. food and other basic necessities that could drive up the cost of living for Canadians, or on components that are essential to avoiding job losses in key sectors of the economy. Carney is expected to meet virtually this afternoon with his Canada-U.S. relations council and then convene a cabinet committee after Trump’s speech.
U.S. targets Quebec, Alberta: Meanwhile, the U.S. is targeting Quebec’s French-language-first law as a barrier to trade, as well as Alberta’s electricity import practices. A new report on foreign trade barriers by the Office of the U.S. Trade Representative says that businesses have “expressed concerns” about the impact Bill 96 will have on their trademarks for products. The requirements to translate certain trademarks into French is likely to increase costs. The report also alleges the Alberta Electric System Operator has been giving preferential market access to electricity generated in Alberta over imports from Montana.
U.S. Senate to vote on Canada tariffs:Trump is also dealing with opposition to his tariff plans from within Congress. In a social media posting overnight, Trump demanded Republicans in the Senate oppose a bill which, if passed, could derail sweeping 25 per cent tariffs on Canadian goods. The bill calls for the termination of the national emergency Trump declared on Feb. 1, which led to 25 per cent tariffs on most imports from Canada – though some of those tariffs were later repealed. The Senate is expected to vote on the bill today.
Blackberry forecast disappoints: In Canadian corporate news, shares of Blackberry were edging lower in premarket trading. The Waterloo Ontario-based software company posted a drop in revenue in its latest quarter of 18 per cent compared to the year before, dragged lower by declines in its QNX and secure communications units. Blackberry also issued first quarter and 2026 revenue forecasts that came in below estimates.
