The World This Hour - The World This Hour for 2025/03/04 at 09:00 EST

Episode Date: March 4, 2025

The World This Hour for 2025/03/04 at 09:00 EST

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As of midnight, the Trump administration's tariff threats against Canada officially became a reality. And across the board, 25% levy is now in effect on Canadian imports, which means a Canada-U.S. trade war is now underway. Peter Armstrong reports. Until yesterday, financial markets had largely shrugged off the threat of tariffs. So this statement in the White House yesterday landed like a thud on Wall Street. Tariffs 25 percent on Canada and 25 percent on Mexico.

The American Tax Foundation has said these sweeping tariffs would be like imposing a $130 billion tax on American households. The price of gasoline is now projected to rise as much as 40 cents per gallon in Northeastern states. When tariffs were imposed on steel and aluminum in 2018, tens of thousands of jobs were lost. Trump has said this was about fentanyl coming across the border. His officials say progress has been made and yet no room left for Mexico or for Canada.

So watch financial markets this morning to start pricing in the long-term impact of a continent-wide trade war. Peter Armstrong, CBC News, Washington. As for Canada's response, we'll be hearing later this morning from Prime Minister Justin Trudeau, but he's already made it clear that a Canadian retaliation plan has been finalized and is ready to be implemented. Catherine Cullen has more. The Prime Minister said in a statement that there is no justification for new U.S. tariffs.

He also said that Canada will respond immediately with counter tariffs and that there's also discussion but additional measures to put pressure on the United States that are not directly related to tariffs. Ontario has said phase one of that could be an export charge on energy to the United States. The prime minister closed by saying that not only will these tariffs hurt Americans, but they violate the very trade agreement, the new NAFTA, the USMCA, that was negotiated by President Trump in his last term. Catherine Cullen, CBC News, Ottawa.

Trudeau has a news conference scheduled in Ottawa this morning at 1030 Eastern, his office saying the Prime Minister will be joined by Finance Minister Dominique LeBlanc, Foreign Affairs Minister Melanie Jolie, and Public Safety Minister David McGinty. Away from the economic front, the Trump White House has announced it's pausing all its military aid to Ukraine. Foreign analysts say it's a move aimed its military aid to Ukraine. Foreign analysts say it's a move aimed at forcing Ukraine to consider any ceasefire agreement draft by the U.S. and Russia. This, as the European Commission, has finalized a plan that will see EU countries

dramatically increase their defense spending. Crystal Gamansing has the details now from London. We are in an era of rearmament. Ursula von der Leyen, the EU Commission president, says it's the most dangerous of times. For the protection of the continent, investments are required. I do not need to describe the grave nature of the threats that we face. A pool of nearly 800 billion euros is being made available to enable bloc nations to make the needed investments. I'm shocked.

This is unbelievable what's unfolding. Oleksandr Moreshko is a Ukrainian MP. If there will be casualties and human lives lost because of this, I think Mr. Trump should seriously think about how he's going to enter in history. You didn't have our military equipment. During that explosive meeting last week, U.S. President Donald Trump accused Ukraine's President Vladimir Zelensky of not wanting peace and gambling with World War III. Crystal Gamansing, CBC News, London.

Arab leaders are meeting in Cairo to finalize a formal response against President Trump's call for the Gaza Strip to be transformed into a beach destination. The summit includes regional heavyweights Saudi Arabia and the United Arab Emirates. The support of either country is critical for any post-war plan for the territory. Israeli Prime Minister Benjamin Netanyahu has said he remains committed to the Trump idea of developing, quote, a different Gaza. And that is The World This Hour. For news anytime, go to our website cbcnews.ca.

For CBC News, I'm Joe Cummings.