📢 U.S. President Donald Trump abandoned plans to raise import tariffs on Canadian steel and aluminum to 50%.
Source: Bukvy
💥 Earlier, Trump announced plans to double tariffs in response to Ontario’s decision to impose a 25% tariff on electricity exports to the U.S.
💬 Ontario Premier Doug Ford stated that he would suspend the higher tariff after negotiations with U.S. Secretary of Commerce Howard Lutnick.
🤝 White House Chief Trade Advisor Peter Navarro confirmed that the 50% tariffs would not be implemented on Wednesday and praised Lutnick for reaching an agreement with Ford to avoid additional tariffs on electricity exports.
⚡ Ford’s threat to impose tariffs on electricity exports to the U.S. was a response to the 25% tariffs that Trump had imposed on metal imports from Canada.