Canada Suspends Electricity Tariffs, Trump Cools down on Canada
Canada agreed to halt its 25 percent increase in electricity exports to the world’s largest economy. The two nations agreed to meet later this week to discuss a way to renew the North American trade agreement before a reciprocal tariff deadline of April 2,
Ontario Premier Doug Ford and Secretary of Commerce Howard Lutnick posted a statement on X stating, “Ontario agreed to suspend its 25 percent surcharge on electricity exports to Michigan, New York, and Minnesota.”.
Ford and Lutnick said they would now meet with the US Trade Representative on Thursday to discuss the renewal of the America-Mexico-Canada Free Trade Agreement. Ford claimed that a “productive conversation” with Lutnick regarding the US-Canada economic partnership preceded the announcement.
President Donald Trump stated that he would likely lower the recently raised tariffs on Canada following Ontario’s decision to remove a surcharge on electricity exports to the world’s largest economy.
Trump spoke to reporters about his choice to increase tariffs. He added that markets would fluctuate over time rejecting worries that caused a sell-off. He claimed that tariffs were necessary to restore American jobs and factories.
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