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

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

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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.

Mark Carney
Liberal Party
1. My government will keep our tariffs on until the Americans show us respect and make credible, reliable commitments to free and fair trade.
Doug Ford
Progressive Conservative party
1. Believe me when I say I do not want to do this, I feel terrible for the American people, because it's not the American people who started this trade war. It's one person who's responsible. That's President Trump.
2. If we go into a recession it's self made by one person. It's called President Trump's recession.
3. In response, Ontario agreed to suspend its 25 per cent surcharge on exports of electricity to Michigan, New York and Minnesota.
4. We will not back down. We will be relentless. I apologize to the American people that President Trump decided to have an unprovoked attack on our country, on our families, on jobs, and it's unacceptable. Let's work together.
Donald Trump
Republican Party
1. Who made these decisions, and why? And can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat? They will pay a financial price for this so big that it will be read about in History Books for many years to come!
2. It would've been a very bad thing if he did, but he's not going to do that. So I respect that.
3. I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD.
4. Also, Canada pays very little for National Security, relying on the United States for military protection. We are subsidizing Canada to the tune of more than 200 Billion Dollars a year. WHY??? This cannot continue. The only thing that makes sense is for Canada to become our cherished Fifty First State.
Howard Lutnick
US Department of Commerce
1. There's going to be no recession in America … you are going to see over the next two years the greatest set of growth coming from America.
Peter Tuchman
1. What is coming out of the Oval Office … is just complete indecisiveness, confusion and mixed messaging and the investing community losing confidence.
Ayako Yoshioka
Wealth Enhancement
1. A lot of what has worked is not working now.

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

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