Trump announces 50% tariffs on Canadian automotive and steel imports

By Megan Cerullo Reporter, MoneyWatch Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting. Read Full Bio August 24, 2026 / 10:18 AM EDT / CBS News Add CBS News on Google President Trump said in a social media post on Monday that the U.S. will impose a 50% tariff on all Canadian automotive and steel imports, effective Jan. 1, 2027."Canada has been ripping off the United States of America for years," Mr. Trump wrote on Truth Social."On January First, 2027, Tariffs on all Cars, Trucks, both large and small, Automotive Parts, and Steel, will be increased to 50%," he said, noting that vehicles that are built in the U.S. are not subject to tariffs. "Canada will be treated like a State no longer!" he added. — This is a developing story and will be updated. Edited by Aimee Picchi In: Tariffs Trump Administration Canada