US-Canada trade war heats up as Trump doubles metals tariffs, then backs off https://125700.shop/617c81fa6cedeac15d7c/ec6177526b/?placementName=default
WASHINGTON/OTTAWA, March 11 (Reuters) - President Donald Trump reversed course on Tuesday afternoon on a pledge to double tariffs on steel and aluminum from Canada to 50%, just hours after announcing the higher tariffs, in rapid-fire moves that scrambled financial markets. The switch came after a Canadian official also backed off his own plans for a 25% surcharge on electricity.
Trump's latest salvo, which whipsawed financial markets and rekindled fears of inflation, followed Ontario Premier Doug Ford's announcement that he would place on the electricity Canada's most populous province supplies to more than 1 million U.S. homes unless Trump dropped all of his tariff threats against Canada's exports into the U.S.
Faced with Trump's 50% tariff threat, Ford agreed to suspend the surcharge and meet with U.S. Commerce Secretary Howard Lutnick in Washington on Thursday.
The White House then announced that only the previously planned 25% tariffs on steel and aluminum products from the United States' northern neighbor and all other countries would take effect on Wednesday - with no exceptions or exemptions.
"President Trump has once again used the leverage of the American economy, which is the best and biggest in the world, to deliver a win for the American people," White House spokesperson Kush Desai said in a statement. "Pursuant to his previous executive orders, a 25% tariff on steel and aluminum with no exceptions or exemptions will go into effect for Canada and all of our other trading partners at midnight, March 12th.”
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