European markets are expected to open in negative territory on Friday, after U.S. President Donald Trump threatened once again to slap tariffs on the EU and followed through with new levies on Canada and Mexico.

President Donald Trump is shaking up the world economy. His tariff plan proposes a 25% tariff on imports from Mexico and Canada, 10% to 60% on Chinese goods, and 25% tariffs on goods coming from the 27-member nation European Union.

A White House official, however, said Trump's previous March 4 deadline for the 25% tariffs on Mexican and Canadian goods remained in effect "as of this moment," pending his review of Mexican and Canadian actions to secure their borders and halt the flow of migrants and the opioid fentanyl into the U.

As Canadians experience their very own ‘Zeitenwende’ — the end of an era — in the wake of Trump’s desire to absorb Canada into the U.S., Canadian leaders should learn from the EU.

President Donald Trump on Wednesday gave a series of apparently contradictory answers about his plans to enact tariffs on Canada and Mexico, as well as the European Union.

President Donald Trump on Wednesday gave a series of apparently contradictory answers about his plans to enact tariffs on Canada and Mexico, as well as the European Union.

No, not Lent — although that will be happening on Wednesday after the traditional craziness of Carnival, Mardi Gras and Pancake Day (delete according to your nationality) on Tuesday — this is the week that Donald Trump’s beloved new tariffs come into play for neighbours Canada and Mexico.

European Commission President Ursula von der Leyen, Canadian Prime Minister Justin Trudeau, and European Council President Antonio Costa in Brussels on February 12, 2025.

These common imports from the European Union could cost more if Trump follows through on plans to enact 25% tariffs.