US President Donald Trump has announced that he will increase 25% to 50% tariffs on Canadian steel and aluminum.
Trump said this latest action in the escalating trade battle is a response to 25% tariffs Ontario imposed on electricity it supplies to northern US states.
In response, the premier of Ontario urges Trump to “stop the chaos” and declares that “we will not back down.”
Reminder: Tariffs are taxes levied on goods imported from another country. Companies that import items into the country pay taxes to the government.
Trump says the tariffs will begin on Wednesday, and he will declare “a national emergency on electricity” in selected areas.
The new escalation follows the worst day of 2025 for US markets, fueled by fears of President Donald Trump’s harsh tariffs on America’s main trading partners. When asked about a probable recession in a recent interview, Trump claimed the economy was in a “period of transition”
-Deeprows News
Discover more from
Subscribe to get the latest posts sent to your email.
