The World This Hour - The World This Hour for 2025/04/03 at 10:00 EDT

Episode Date: April 3, 2025

The World This Hour for 2025/04/03 at 10:00 EDT

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From CBC News, it's the world this hour. I'm Joe Cummings. We go first to Ottawa. We're going to fight these tariffs with countermeasures. We are going to protect our workers. Off the campaign trail and acting today as Prime Minister that is Mark Carney saying a Canadian response is being developed to the latest tariff action by US President Donald

Trump. Carney is meeting this morning with the premiers, and at 1130 Eastern, he is scheduled to make an announcement. Trump's previously announced tariffs on the Canadian auto sector went into effect as of midnight, and the fallout was immediate. Stellantis says it's pausing production at its Windsor, Ontario assembly plant for at least two weeks. And Flavio Volpe, the head of the Automotive Parts Manufacturers Association, says there will be more closures to come on both sides of the border. At some point, on a publicly traded company, if you're booking losses that are in the millions

at every assembly plant, and that's what we're talking about, $3, $4, $5, $8 million a day per production plant, you have a fiduciary obligation to your shareholders not to burn their money. Incidentally, Stellantis has also announced this morning that it's temporarily laying off 900 workers at five of its production facilities in the United States. As for the North American markets, they've opened trading for the day, and it's clear investors are unsettled this morning. Here's John Northcott. John Northcott It's a big thumbs down. North American markets lower, much lower.

Toronto opening 3% Dow. Dow Jones Industrial Average down almost 1200 points. S&P down 3.3. Nasdaq down 4.3. Companies that manufacture many of the products in countries hit hard by the tariffs, paying the price on the trading floor. Shopify down some 15%, Amazon down 6%. Big tech, oil, all falling. Crypto taking a dramatic hit too. Even the flight to gold appears to be losing steam. And even if in some cases those industries under the Canada-US trade deal might not be

hit as hard as others, everyone is wondering how to cope. Money and stocks were already beaten up as the Sun moved around the trading world, with Japan's Nikkei down nearly a thousand points, Hong Kong down too. Same story in Europe, the FTSE down, the Dax down. The numbers matter on any given trading day for sure, but it is the uncertainty that really has traders and governments very worried about what the future in a Donald Trump tariff world will look like. John Northcott, CBC News, Toronto. Overseas in Europe the reaction to the Trump tariffs is similar to Canada's Ursula von der Leyen, the president of the European Commission, is saying the global economy is being

delivered a heavy blow and she's insisting the EU will fight back. Crystal Gmancing reports. If you take on one of us, you take on all of us. Strength in numbers. That's the pitch from Ursula von der Leyen, the European Commission president. She says every citizen around the globe could see the cost of food, transportation and medicine increase.

However, the 27 bloc of nations acting as a single market is powerful, even in the face of sweeping tariffs. We are not preparing for further countermeasures. European leaders hope to negotiate their way out of the economic storm, as does the UK. Last night, the President of the United States acted for his country. Today, I will act in Britain's interest. Meeting with about a dozen major business leaders in London, Keir Starmer vowed to protect the UK's economy, saying the UK will respond with cool and calm heads.

Crystal Gamansing, CBC News, London. In other news, Hungary has announced today that it is withdrawing from the International Criminal Court. The announcement comes as Benjamin Netanyahu is in Budapest on a state visit. The Israeli Prime Minister is facing an ICC arrest warrant in connection to Israel's war in Gaza. And Hungary's Prime Minister Viktor Orban has said he would not enforce it.

Orban has long been an ally of the Netanyahu regime. And that is The World This Hour. For CBC News, I'm Joe Cummings.