Topline
Ontario is holding off on a 25% surcharge on electricity going into the U.S., Premier Doug Ford said in a joint statement with Secretary of Commerce Howard Lutnick—just hours after Trump threatened to impose a 50% tariff on all Canadian steel and aluminum products Wednesday, marking an escalation in the U.S.-Canada trade war.
Key Facts
Ford said in the statement he spoke with Lutnick and had “a productive conversation about the economic relationship between the United States and Canada,” and the two will meet in Washington, D.C. on Thursday to further discuss tariffs.
Ford announced the surcharge—which would have primarily impacted Minnesota, Michigan and New York, the three biggest states that import electricity generated in Ontario—in a press conference Monday at which he said “until the threat of tariffs is gone for good, Ontario will not relent.”
His reversal came hours after Trump threatened to impose an additional 25% tariff on Canadian steel and aluminum imports, double the 25% tariffs already planned for global steel and aluminum.
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
Further Reading
Trump Doubling Tariffs On Canadian Steel And Aluminum In Retaliation For Ontario Electricity Charges (Forbes)