The Canadian province of Ontario will temporarily not apply new tariffs on electricity supplies to the United States. This decision was made after President Donald Trump threatened to raise tariffs on aluminum and steel from Canada by up to 50%, CNN reports.
► Read “Minfin” on Instagram: the main news about investments and finances
What is known
Ontario Premier Doug Ford announced he would temporarily suspend 25% tariffs on electricity exports to three U.S. states after talks with U.S. Commerce Minister Howard Lutnick.
“An eye for an eye, I agreed to temporarily suspend the tariffs. But we always have that tool in our arsenal until we get to the negotiating table,” Ford said.
However, when asked by reporters whether the abolition of the bonus was a result of Trump's victory, Ford objected.
“I wouldn’t call it a victory at all, because we still have this tool, and we can use it at any time,” he emphasized.
Ford also told reporters he was “confident” Trump would back off new tariffs on Canadian metals, though he added he could not speak for the U.S. side.
Let us recall
US President Donald Trump announced new tariffs against Canada on Tuesday, March 11, in response to the Canadian province of Ontario's 25% tax on US electricity. Washington will raise duties on Canadian steel and aluminum to 50%.
On March 4, Donald Trump imposed tariffs on goods from Canada. From March 4, 2025, imports will be taxed at 25%, and Canadian energy products will be taxed at 10%.
In response to the move, Canadian Prime Minister Justin Trudeau announced that Ottawa would impose a 25% tariff on $155 billion worth of American goods.
🕵️ We created a short survey to learn more about our readers.
💛💙 Your answers will help us become better, pay more attention to the topics that interest you.
🤗 We would be grateful if you could take a minute to answer our questions.
- USA Energy