- Trump initially raised tariffs on Canadian steel and aluminum imports by 25% (totaling 50%) in response to Ontario’s 25% tax on electricity exports.
- Both sides backed down—Ontario suspended its electricity surcharge, and Trump later reversed the tariff hike, causing USDCAD to drop below 1.43986.
US President Donald Trump announced a tariff increase on Canadian steel and aluminum imports by an additional 25%, bringing total duties to 50%.
He said the move was in response to Ontario’s decision to impose a 25% tax on electricity exports to the U.S.
Ontario Premier Doug Ford initially vowed to “respond appropriately” and “not back down” but later suspended the province’s surcharge on electricity exports to Michigan, New York, and Minnesota.
Trump has just now reversed course too, canceling the additional 25% tariff, sending USDCAD lower and breaking the recent hourly close of 1.43986.
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