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Market

Donald Trump Reverses Plans To Double Tariffs

The Trump administration has reversed plans to double tariffs on Canadian metals after Canada dropped its proposed 25% tax on electricity exports to the U.S.

Haider Jamal
March 12, 2025

Back & Forth

A 25% tariff on Canadian steel and aluminum will still apply from March 12th, along with imports from other U.S. trading partners. This follows discussions between Ontario Premier Doug Ford and U.S. Commerce Secretary Howard Lutnick.

Source: CNN

Mark Carney, Canada’s incoming Prime Minister, called the tariffs an attack on Canadian businesses, saying they would stay until the United States commits to fair trade.

Uncertainty Looms

Stock and crypto markets fell due to Trump’s tariff threats but rebounded slightly after news of Ontario backing off the electricity tax.

White House spokesperson Karoline Leavitt said the U.S. is in an “economic transition.” Senator Bill Hagerty expects the tariffs to stay in place, with uncertainty remaining over final policy decisions.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.