Trump changed his mind about raising tariffs for Canada – CNN

US President Donald Trump has refused to escalate the trade war, which threatened large-scale increases in tariffs on Canadian steel and aluminum, as well as new tariffs on Canadian electricity. In turn, the Canadian province of Ontario has suspended surcharges for electricity for US customers, UNN writes with reference to CNN.

Details

According to the publication, after the markets began to fall sharply on Tuesday, US Secretary of Commerce Howard Lutnick, Canadian Minister of Finance Dominic Leblanc and Ontario Premier Doug Ford said that after threats to change duties, which led to a sharp drop in the markets, they will meet on Thursday to review the free trade agreement.

Ontario agreed to suspend its 25% surcharge on electricity exports to Michigan, Minnesota and New York. President Donald Trump earlier on Tuesday threatened a 50% tariff on the country’s aluminum and steel, a sharp escalation in the budding trade war with Canada in retaliation for Ontario’s export surcharge. But Trump later signaled he would back down  

It is noted that senior White House trade and manufacturing advisor Peter Navarro confirmed that Trump’s threat to raise tariffs will not take effect.

Recall

The day before, it became known that Canada raised electricity prices for three American states by 25% in response to President Donald Trump’s tariffs. This decision was made by the government of the province of Ontario, which exports electricity to the United States.

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