President Donald Trump announced on Tuesday that the United States will double tariffs on Canadian steel and aluminum imports to 50%, effective Wednesday. This decision is a direct response to Ontario’s recent 25% tariff on electricity exports to the U.S.

In addition to the increased tariffs, President Trump has demanded that Canada eliminate its substantial duties on U.S. dairy products. He also warned of potential further tariffs on Canadian automobile imports if these demands are not met.

Ontario Premier Doug Ford has resisted these measures, insisting that the U.S. remove its tariffs entirely. The escalation has impacted financial markets, with declines observed in both the S&P 500 and the Toronto Stock Exchange indices. The Canadian dollar has also weakened in response to the news.

This development adds to existing concerns about U.S. economic growth, as broader tariffs on metal imports from multiple countries are set to commence. Recent economic surveys indicate declining business sentiment, fueling fears of a potential recession.

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