United States President Donald Trump in the morning on March 11 announced the doubling of tariffs on steel and aluminium from Canada to 50 per cent, before taking a U-turn within hours, in rapid-fire moves that hit the financial markets, according to a report by Reuters.
The roll back came as Ontario Premier Doug Ford also reversed his decision to impose 25 per cent surcharge on supply of electricity to the over 1 million homes in the US. Doug had previously said that the surcharge would stay unless Donald Trump dropped all of tariff threats against Canada.
However, Donald Trump’s see-saw on tariffs ripped through the financial markets, which have already been battered by the threat of a trade war and unsteady economic conditions in the US due to the US president’s policies on government spending, job cuts and geopolitics.
(This is a breaking story, more updates coming…)
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