Trump orders 50% tariffs on Canadian steel and aluminium starting at midnight
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US President Donald Trump says he will double tariffs on Canadian steel and aluminium from 25% to 50%
In a deepening trade war, Trump said this latest move was in retaliation to 25% tariffs Ontario had placed on electricity it sends to northern US states
Now, Ontario Premier Ford says he is temporarily suspending the surcharge his province had planned to slap on its electricity exports to 1.5 million American homes as negotiations with the Trump administration continue
The White House in turn called Ontario's threat to cut off electricity exports "egregious and insulting"
As a reminder: Tariffs are taxes charged on goods imported from other countries. The companies that bring the goods into the country pay the tax to the government
Trump says the tariffs will begin on Wednesday, adding that he'll declare "a national emergency on electricity" in those states
The latest escalation comes after the worst day of 2025 for US markets, fuelled by fears of President Trump's aggressive tariffs on America's biggest trading partners
Trump orders 50% tariffs on Canadian steel and aluminium starting at midnight
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