Canada has been exempt from sweeping new tariffs unveiled by U.S. President Donald Trump, but existing duties will remain in place.

Trump announced Wednesday a “baseline” 10 per cent tariff on all countries, with reciprocal tariffs as high as 50 per cent for those that have “the largest trade deficits” with the U.S.

“They do it to us, and we do it to them. Very simple, can’t get any simpler than that,” Trump said on Wednesday, a day he has referred to as “Liberation Day.”

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. But it is not going to happen anymore.”

But officials later clarified that the new tariffs would not impact Canada or Mexico, which already face 25 per cent tariffs on goods that are not compliant with the US-Mexico-Canada (USMCA) free trade agreement.

A fact sheet published by the White House said all USMCA-compliant goods will continue to see a zero per cent tariff, non-compliant goods will face a 25 per cent tariff, and non-compliant energy and potash will see a 10 per cent tariff.

The president also confirmed that a previously-announced 25 per cent tariff on all automobile imports would go into effect Wednesday night.

It is unclear what Wednesday’s announcement means for a 25 per cent tariff on Canadian steel and aluminum, which has been in place for several weeks.

More to come.