Markets left reeling as US president first escalates, then cools down trade war with neighbour
US president Donald Trump and Tesla CEO Elon Musk sit in a Tesla car in front of the White House in Washington yesterday. Photo: Reuters
US president Donald Trump and Tesla CEO Elon Musk sit in a Tesla car in front of the White House in Washington yesterday. Photo: Reuters
Andrew Feinberg
Today at 03:30
US president Donald Trump’s threat yesterday to double his planned tariffs on steel and aluminium from 25pc to 50pc for Canada led the provincial government of Ontario to suspend its planned surcharges on electricity sold to the United States.
As a result, the White House trade adviser Peter Navarro said the US president pulled back on his doubling of steel and aluminium tariffs, even as the federal government still planned to place a 25pc tariff on all steel and aluminium imports, starting today.