US tariff tensions

On March 11, US President Donald Trump reversed his decision not to double tariffs on steel and aluminum imports from Canada to 50%, after Canada withdrew its plan to increase the 25% surcharge on electricity exports to the US.

President Trump threatened to increase tariffs on Canadian steel and aluminum after Ontario Premier Doug Ford announced a 25% increase in the electricity surcharge on electricity supplied by Canada's most populous province to more than 1 million US households, unless Trump removes all tariffs on Canadian goods entering the US market.

Faced with threats from the White House to double tariffs on Canadian steel and aluminum to 50%, Premier Ford agreed to temporarily halt the tariff increase and is scheduled to meet with US Commerce Secretary Howard Lutnick in Washington on March 13.

'Devastating impact': Canadian small businesses fear Trump's tariffs.

Subsequently, the White House announced that the official tariffs on steel and aluminum products imported from Canada would remain at 25% as planned, effective March 12th, with no exceptions or exemptions.

The tense tit-for-tat response between the US and Canada is adding further turmoil to financial markets already reeling from President Trump's tariff decisions.

The Canada-U.S. border in New York State (USA) on March 11.

After falling sharply when President Trump announced on Truth Social that he would double tariffs on Canadian aluminum and steel, stock markets rebounded after Premier Ford postponed an electricity surcharge increase and Ukraine agreed to a 30-day ceasefire.

The S&P 500 index on March 11th briefly fell to 5,528.41 points, a 10% drop from its closing level of 6,144.15 points on February 19th.

US stocks have been hit hard in recent weeks, with US indices losing nearly $5 trillion in market value due to the US trade war with major trading partners.

Source: https://thanhnien.vn/cang-thang-thue-quan-my-canada-leo-thang-185250312064202512.htm