Trump backtracks on doubling tariffs on aluminum and steel to 50% for Canada

US President Donald Trump initially threatened to double tariffs on steel and aluminum imports from Canada to 50% from the previously announced 25%, sparking market volatility and concerns about a recession. In response, the Canadian province of Ontario, led by Premier Doug Ford, announced a 25% surcharge on electricity sold to US states. However, after a dramatic development on Tuesday, Trump unexpectedly dropped his threat to double tariffs. As a result, Ontario agreed to suspend its planned surcharge on electricity imports into three US states. Ford, who had strongly criticized Trump's trade policies, apologized to the American people and expressed a willingness to work together to resolve the issue, with a potential meeting with a representative to discuss a renewal of the free trade act.