US-Canada Trade Dispute Intensifies with Tariff Hikes and Retaliation Threats

President Trump raises steel and aluminum tariffs to 50%, while Canada considers oil export restrictions and retaliatory measures.

President Trump announced a tariff increase on Canadian steel and aluminum imports to 50%, citing Ontario's now-suspended electricity surcharge as a key factor.
Canada's federal and provincial leaders are weighing retaliatory measures, including restricting oil exports and imposing tariffs on U.S. ethanol and other goods.
Ontario Premier Doug Ford temporarily halted the electricity surcharge after securing a meeting with U.S. officials to discuss trade relations and the USMCA agreement.
The escalating trade tensions have led to economic concerns, with Wall Street experiencing market instability and manufacturers preparing for higher production costs.
Alberta's energy minister proposed de-escalation options to Washington, emphasizing the importance of continued U.S. reliance on Canadian oil and gas exports.