Trump Raises Tariffs on Canadian Steel, Aluminum

President Donald Trump has announced an increase in tariffs on Canadian steel and aluminum to 50% following Ontario's imposition of a 25% surcharge on electricity exports to the U.S. The decision, announced via Truth Social, includes threats to impose higher tariffs on Canadian cars by April 2 if Canada does not remove its tariffs on U.S. dairy products. The tariff escalation is part of a broader trade conflict with Canada, which Trump claims is one of the highest tariffing nations. This move has triggered a slump in the U.S. stock market and raised concerns about potential economic repercussions, with experts like Larry Summers indicating a 50% chance of recession. Trump also mentioned he might declare a national electricity emergency in response to Ontario's actions. The situation is developing, with updates expected as more information becomes available.