Trump Doubles Tariffs on Canadian Steel

President Donald Trump announced a doubling of tariffs on steel and aluminum imports from Canada, increasing them from 25% to 50%. This move was initially in response to Canada — Ontario's electricity surcharges on sales to the United States, which Canada — Ontario later agreed to remove. The escalation has intensified trade tensions between the two nations, leading to market instability, with the S&P 500 index experiencing a significant downturn. Economists, including Larry Summers, have raised concerns about a potential recession. Incoming Canadian Prime Minister Mark Carney has vowed to maintain retaliatory tariffs until the United States commits to fair trade practices. The White House, however, suggests that tariffs are prompting companies like Honda, Volkswagen, and Volvo to consider new investments in US factories.