In a post on X, formerly Twitter, following Trump's announcement Ontario Premier Ford wrote: "A 25 per cent tariff would be devastating to workers and jobs in both Canada and the U.S. The federal government needs to take the situation at our border seriously."

Donald Trump has been somewhat cagey about his economic plans — especially tariffs — since voters elected him president. That is raising the stakes in a drawn-out contest to become his treasury secretary while focusing Wall Street's attention on other key posts.