White House walks back doubling of steel and aluminum tariffs as Ontario relents on electricity levy after tit-for-tat day
The looming trade war between the US and Canada escalated on Tuesday as Donald Trump threatened to double tariffs on Canadian steel and aluminum after Canadian threats to increase electricity prices for US customers.
On Tuesday morning Trump announced plans to double tariffs on Canadian steel and aluminum from 25% to 50% and once again threatened to annex Canada as retaliation for the province of Ontario’s imposition of a 25% surcharge on electricity exports to several US states, in a dramatic escalation of the trade war between the two ostensibly allied countries.
