President Donald Trump has escalated a trade war with Canada, imposing an additional 25% tariff on steel and aluminum products, bringing the total to 50% according to ABC News. The increased tariffs are set to go into effect on today, March 12. This move follows Ontario's decision to implement a 25% surcharge on electricity sent to the U.S., which has since been suspended after Ontario Premier Doug Ford issued a joint statement with U.S. Commerce Secretary Howard Lutnick announcing plans to meet at the White House in an X post.
The White House confirmed through spokesperson Kush Desai that the increased tariffs on steel and aluminum would still take effect as planned, despite the electricity surcharge suspension, as ABC News revealed in their coverage of this rapidly developing situation.
The escalation and subsequent retreat in the ongoing trade dispute has compounded uncertainty about how Trump's tariff hikes will affect both economies, as AP News highlights in their analysis of the market reaction to these developments. Trump announced the tariff increase on his Truth Social platform, framing it as a response to Ontario's electricity price hike before Premier Ford agreed to remove the surcharge following a call with Commerce Secretary Lutnick.
Despite Ford expressing confidence that Trump would also back down on the 50% tariffs, the president told reporters he's looking at returning the steel and aluminum tariffs to 25% and would "probably" do so, according to the detailed account from AP News.
The day's events represent the latest in a week of chaotic trade moves that have startled investors and businesses dependent on trade, as The New York Times describes in their coverage of this diplomatic standoff between traditional allies. Both sides had stepped back from the escalating tariff fight, with Ontario suspending its electricity surcharge and Trump indicating at the White House he would "probably" reduce the tariff on Canadian metals. The White House later confirmed through spokesman Kush Desai that a 25% tariff on steel and aluminum from Canada and all other trading partners would go into effect, presenting this as a win for the American people, according to reporting from The New York Times.
https://abcnews.go.com/Business/trump-adds-25-tariff-canadian-steel-aluminum/story?id=119663612
https://x.com/fordnation/status/1899531171622522925
https://truthsocial.com/@realDonaldTrump/posts/114144217763824399
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