BONUS POD: Trump Drops 50% Tariff Hammer on Canada plus Treasury Unleashes IRS in Minnesota
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Well, I should call you a prisoner because you ought to be in jail. You're listening to the 47 Morning Update with Ben Ferguson. Good Tuesday morning. It's so nice to have you with us on the 47 Morning Update. And we've got two very big stories for you. First up, President Trump imposed a 50% tariff. On a variety of Canadian goods over what he describes as discrimination of American autos and other manufacturing goods and services. How big of a deal is this? I'll explain it to you. is going after those that were involved in the $18 billion Minnesota welfare laundering scandal. The Treasury Secretary deploying the IRS to defend working Americans and launching a mass audit of banks and financial services.
It's incredible. It's the 47 Morning Update and it starts right now. Story number one. President Donald Trump, he's coming out swinging, not against Iran, but this time it's in an escalating trade battle with our northern neighbor. The president announcing a 50% tariff on a wide range of Canadian goods. And the White House says this isn't about raising revenue. It's about what the administration calls Canada's discriminatory treatment of American goods and products, especially American automobiles. In other words, the president's doing what he's been doing since the day he got back into office. Standing up for American workers. Standing up for American manufacturers. Standing up for American companies.
And when we're being taken advantage of, even if it's Canada, the president's saying, not under my watch. Now, if you're going to discriminate against American workers... And American farmers, we should also mention that. And American manufacturers, well, the White House is saying don't expect unrestricted access to the American marketplace. Now, according to the White House, Canada has been giving preferential treatment of products from other countries while imposing policies that specifically are designed to disadvantage the United States. Now, the Trump administration points to Canada's treatment of American-made vehicles. Restrictions affecting U.S. alcohol is another example. And then their dairy policies that they argue favor other trading partners over American producers.
Now, let's also talk about one of the big issues, and that is the American auto industry, because that is the centerpiece of all of this announcement. The White House argues that Canada has maintained policies that place unique burdens on American-made vehicles, while also treating imports from other countries much more favorably. Now, the administration says those policies violate the principle of fair trade, and that puts the U.S. manufacturers at a massive competitive disadvantage on purpose. Now, to be clear, President Trump isn't using his typical tariff authorities. Instead, he reached back to Section 338 of the Tariff Act of 1930. Now, that's a law that gives President Trump the authority or any president, for that matter, the authority to impose duties of up to 50 percent when another country discriminates against U.S.
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