Canada has backed down after U.S. President Donald Trump’s threat to raise the tariff on steel and aluminum imported from Canada to 50 percent. Ontario Premier Doug Ford has suspended a 25 percent tariff on electricity exported to the U.S. following a meeting with U.S. Trade Secretary Howard Lutnick.
Ford said they will meet with Lutnick on Thursday to discuss the renewal of the US-Mexico-Canada free trade agreement before the April 2 deadline for additional tariffs that the US will impose on Canada, and added, "In return, Ontario has agreed to suspend the 25 percent additional tariff it has imposed on electricity exports to Michigan, New York and Minnesota."
Answering questions from reporters at the White House, Trump said he would "probably" reduce the increased tariffs on Canada following Ontario's suspension of additional tariffs on electricity exports to the US, and said, "I will let you know" if the 50 percent tariff imposed on Canada goes into effect.
