U.S./Canada Trade War Heats Up as President Trump Announces Plan to Increase Tariffs

President Trump has announced that his administration will be increasing tariffs on Canadian steel and aluminum from 25% to 50%. The announcement comes on the heels of Ontario Premier Doug Ford’s imposition of a new tax on electricity that Ontario supplies to Minnesota, Michigan, and New York. President Trump also announced an intention to declare a “National Emergency on Electricity within the threated area.” The announcement on Truth Social did not include any details on what steps the administration intends to take if it indeed invokes the President’s power to declare national emergencies.