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Breaking News: White House rolls back plan to double tariffs on Canadian steel and aluminium, officials say… See More details
Breaking News: White House rolls back plan to double tariffs on Canadian steel and aluminium, officials say.
Summary
White House officials say the US will impose 25% tariffs on Canadian steel and aluminium, rather than the 50% Donald Trump announced earlier.
The rollback comes after Canadian province of Ontario said it would temporarily suspend its plan to charge a 25% tariff on electricity it sends to northern US states.
That reversal came after US President Trump had said he would double tariffs on Canadian steel and aluminium from 25% to 50% in retaliation to the Ontario threat.
According to the provinces’ Premier Doug Ford, negotiations between his province and the Trump administration are ongoing, with US Commerce Secretary Howard Lutnik inviting Ford to Washington.
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 said the tariffs will begin on Wednesday, adding that he’ll declare “a national emergency on electricity” in those states.
Meanwhile, Trump is meeting a group of business CEOs in Washington DC
Tuesday’s tariff back-and-forth 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.
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