7 hours ago
US President Donald Trump said on Tuesday that he "probably" would back down from doubling tariffs on Canadian steel, aluminium and electricity following Ontario's decision to suspend a 25% surcharge on power exports to three American states.
Speaking to reporters at the White House, the 78-year-old US President said he was looking at reducing planned 50% tariffs on Canada. When asked if he would lower them, he replied, "Probably so". "I'll let you know," he added.
Following a day that was defined by market fluctuations as Trump announced doubling tariffs on Canada, a joint statement by US Commerce Secretary Howard Lutnick, Ontario Premier Doug Ford, and Canada's Finance Minister Dominic LeBlanc said that they would meet on Thursday to discuss a renewed USMCA trade deal ahead of the April 2 reciprocal tariff deadline.
"In response, Ontario agreed to suspend its 25 per cent surcharge on exports of electricity to Michigan, New York and Minnesota," Ford tweeted.
Trump's remarks about the possible halt of retaliatory tariffs subsequently came at the White House. He, however, asserted that he had to make the decision earlier. The US President also said that markets are going to swing up and down over time, rejecting market concerns. Trump pointed out that the tariffs were needed to get US jobs back and factories open, news agency Reuters reported.
Published On:
Mar 12, 2025
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