Ontario retains electricity prices increases after Trump doubles metal prices

The threat of the president of Washington (AP), Donald Trump, to double his planned steel and aluminum prices on Tuesday 25% to 50% for Canada led the Ontario Provincial Government to suspend its planned from electricity sold in the United States.

Consequently, the White House sales advisor Peter Navarro said that the American president had decreased on his doubling steel and aluminum prices, even if the federal government still plans to place a 25% rate on all imports of steel and aluminum from Wednesday.

The drama delivered a victory to Trump but also amplified the concerns concerning the prices which disrupted the stock market and aroused risks of recession. The climbing and cooling in progress in the current trade between the United States and Canada have only aggravated the growing feeling of the uncertainty of how pricing will affect the economies of the two countries.

Trump shocked the markets on Tuesday morning, saying that the increase in prices that should take effect on Wednesday was an increase in prices of 25% that Ontario put in electricity sold in the United States.

I asked my trade secretary to add an additional 25%rate to 50%on all steel and aluminum arriving in the United States from Canada, one of the highest pricing nations in the world, Trump posted on Truth Social.

Ontario Prime Minister Doug Ford said on Tuesday afternoon that US Secretary on Commerce Howard Lutnick called him and Ford had agreed to withdraw the surcharge. He said he was convinced that the American president would also retire on his own plans for 50% of Canadian steel prices and aluminum.

He must make him bounce back on the president, but I am quite confident that he will retreat, said Ford on Trumps Steel and a aluminum pricing threat. In no case will we just ride. What we are going to do is to have a constructive conversation.

After a brutal stock market sale on Monday and a hustle and bustle Tuesday Trump faces increased pressure to show that he has a solid plan to develop the economy. Until now, the president has doubled the prices and may indicate Tuesday drama as proof that import taxes are a precious negotiation tool, even if they can generate stock market disturbances.

AP Washington correspondent Sagar Meghani reports a growing trade war with Canada.

Trump suggested on Tuesday that prices were essential to change the American economy, regardless of stock market girations.

The American president gave a variety of explanations to his antagonism in Canada. He said that his 25% distinct rates on all imports from Canada, some of which are suspended for a month, concern fentanyl smuggling and Canada objections putting high taxes on dairy imports that penalize American farmers. He also continued to call Canada to be part of the United States, which made Canadian leaders furious.

The only thing that makes sense is that Canada becomes our fifty first darling state, Trump posted on Tuesday. It would make all prices, and everything else would disappear completely.

Tensions between the United States and Canada

Inputing Canadian Prime Minister Mark Carney said his government would maintain the prices in place until the Americans show respect and engage in free trade after Trump threatens the historic financial devastation of his country.

Carney, who will be sworn in as a replacement for Justin Trudeaus in the coming days, said Trumps' last prices were an attack on Canadian workers, families and businesses.

My government will keep our prices until the Americans show us respect and will make credible and reliable commitments to free and fair trade, Carney said in a statement.

Canadian officials provide for reprisals in response to specific steel and aluminum prices. They should be announced on Wednesday.

Carney referred to a first billion Canadian prices of $ 30 billion ($ 21 billion US dollars) that have been applied to items such as American orange juice, peanut butter, coffee, household appliances, shoes, cosmetics, motorcycles and certain dough products and paper.

Trump also targeted Mexico with 25% prices due to its dissatisfaction with drug trafficking and illegal immigration, although it has suspended import taxes that comply with the USMCA 2020 commercial pact for a month.

When asked if Mexico feared that he could face the same 50% prices on steel and aluminum as Canada, President Claudia Sheinbaum, said: No, we are respectful.

Trump participated in a session of questions and answers on Tuesday afternoon with the round table, a professional association of CEOs which he courted during the 2024 campaign with the promise of tax rate of companies lower than national manufacturers. But its prices on Canada, Mexico and China with plans for more possibly coming to Europe, Brazil, South Korea, pharmaceutical drugs, copper, wood and computer flea is equivalent to an increase in taxes.

Voting the stock market markets without confidence in the last two weeks puts the president in an obligation between his enthusiasm to tax imports and his brand as a politician who includes business according to his own experiences in real estate, the media and marketing.

The prices have an extremely positive impact they will have, and they will have. Trump has said to collect CEOs, saying that import taxes would move more factories to the United States.

Concerns of a recession increase

The economist of the University of Harvard, Larry Summers, president of the Treasury Clintons, secretary of the Treasury, put the chances of a recession at 50-50. The Goldman Sachs investment bank has revised its growth forecasts for this year to 1.7%, compared to 2.2% before. It has modestly increased its probability of recession to 20%, because the White House has the possibility of withdrawing the changes in the policy if the lower risks are starting to be more serious.

Trump tried to ensure the public that his prices would lead to a little transition to the economy, the taxes pushing more companies to start the process of relocating factories in the United States to avoid prices. But he sparked alarms in an interview broadcast on Sunday in which he did not exclude a possible recession.

The stock market slide continues

The promise of great things to come did not eliminate anxiety, the stock market index of the S&P 500 fell 2.7% on Monday in an undoubted collapse of Trump which erased the market gains which welcomed its victory in November 2024. The S&P 500 index fell approximately 0.8% Tuesday, guaranteed some of the previous losses after Ontario fell on

The industrial average of Dow Jones lost 478 points and the Nasdaq Composite slipped by 0.2%.

Trump has long been based on the stock market as an economic and political gauge to follow, only to look at it beyond his stay to date to impose prices. When he won the election last year, he proclaimed that he wanted his mandate to be considered to have started on November 6, 2024, on election day, rather than its inauguration of January 20, 2025, so that it can be credited for post-electoral stock market gains.

Trump has also repeatedly warned an economic fall in an economic fall if he had lost the elections.

If I don't win, you will have a 1929 style depression. Take advantage, Trump said during a August Pennsylvania rally.

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The writer Associated Press Fabiola Sanchez contributed to this Mexico City report. Gillies reported in Toronto.

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