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.

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."