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Trump backtracks on Canada tariff hike after market turmoil
reuters
reuters
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.
Market Reaction & Economic Concerns:
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.
Political Fallout & Trade War Concerns:
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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