U.S. President Donald Trump reversed course on Tuesday, scaling back a planned 50% tariff on Canadian steel and aluminum just hours after announcing the sharp hike, following a retaliatory electricity surcharge threat from Ontario.
The abrupt reversal came after Ontario Premier Doug Ford threatened to impose a 25% surcharge on electricity supplied to over 1 million U.S. homes unless Trump dropped all tariff threats against Canadian exports.
Ford agreed to suspend the surcharge and meet U.S. Commerce Secretary Howard Lutnick in Washington on Thursday. The White House then confirmed that only the originally planned 25% tariffs on all imported steel and aluminum would take effect on March 12.
White House spokesperson Kush Desai framed the move as a strategic victory, stating that Trump leveraged U.S. economic power to protect domestic interests.
The S&P 500 index briefly dropped 10% from its February 19 high, before recovering after Ford’s policy shift and Ukraine’s acceptance of a 30-day ceasefire.
Businesses and investors remain on edge as Trump hints at further tariff increases, particularly targeting Canada’s auto exports from April 2.
U.S. industries warn of inflation risks, as aluminum prices soared to record highs above $990 per metric ton.
Consumer confidence has weakened, with a New York Fed survey showing growing concerns over inflation and job security.
Trump’s latest tariff escalation comes as Canada transitions power from Justin Trudeau to incoming Prime Minister Mark Carney. The Canadian government has yet to formally respond to Trump’s trade maneuvers.
Meanwhile, Alberta officials are exploring options to de-escalate tensions, while Mexico has refrained from retaliation after Trump delayed planned tariffs on its exports.
"This is what a trade war looks like—tit-for-tat escalation that can quickly spiral into economic damage for both sides," said Josh Lipsky, senior director at the Atlantic Council’s GeoEconomics Center.
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President Donald Trump announced on Thursday that he has approved South Korea to build a nuclear-powered submarine, which will be constructed in the U...
Azerbaijan is eyeing China as a key tourism market, following President Ilham Aliyev’s state visit earlier this year and a new visa‑exemption agreement. A high‑level meeting on October 29 underscored the next phase in tourism cooperation between Azerbaijan and China.
Hurricane Melissa tore through the Caribbean on Wednesday, leaving at least 25 dead in Haiti and causing devastation across Jamaica, Cuba, and the Bahamas. The Category 5 storm made history as the strongest hurricane to directly hit Jamaica, with sustained winds of 185 mph (298 kph).
The U.S. National Guard is planning to train hundreds of troops in each state to form a rapid-response force focused on civil disturbance missions by the start of 2026, according to two U.S. officials speaking Wednesday.
Spain held a state funeral on Wednesday to honor the 237 victims of the deadly Valencia floods that struck on October 29, 2024, the most catastrophic flooding in Europe in more than five decades.
A small, silent object from another star is cutting through the Solar System. It’s real, not a film, and one scientist thinks it might be sending a message.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Hundreds of civilians were reportedly killed by the Rapid Support Forces at the main hospital in el-Fasher, days after the militia captured the Sudanese city, the head of the UN health agency said.
Ukrainian President Volodymyr Zelenskyy said on Wednesday that the most difficult situation on the front line remains the eastern city of Pokrovsk, where fighting continues to be most intense due to a strong concentration of Russian forces.
The International Atomic Energy Agency (IAEA) is conducting inspections in Iran but has not visited the three sites that were bombed by the United States in June, IAEA Director General Rafael Grossi said Wednesday.
Hurricane Melissa tore through the Caribbean on Wednesday, leaving at least 25 dead in Haiti and causing devastation across Jamaica, Cuba, and the Bahamas. The Category 5 storm made history as the strongest hurricane to directly hit Jamaica, with sustained winds of 185 mph (298 kph).
The U.S. National Guard is planning to train hundreds of troops in each state to form a rapid-response force focused on civil disturbance missions by the start of 2026, according to two U.S. officials speaking Wednesday.
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