US President Donald Trump says he will double tariffs on Canadian steel and aluminium from 25% to 50%.
In the latest twist in a deepening trade war, Trump says it’s in retaliation for 25% tariffs Ontario placed on electricity it sends to northern US states.
The latest escalation comes after the worst day of 2025 for US markets, fuelled by fears of President Donald Trump’s aggressive tariffs on America’s biggest trading partners.
When asked about a potential recession in a recent interview, Trump said the economy was in a “period of transition.”
