Trump escalates US-Canada trade war with additional 25% tariff on steel and aluminium

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Financial Times 23h ago

Trump escalates US-Canada trade war with additional 25% tariff on steel and aluminium - Financial Times

Quick Summary:

A closely tracked measure of the difference in US and London aluminium prices, called the Midwest premium, rose sharply on Tuesday, underscoring how American industrial groups are facing rising costs.

On Monday, Canada’s Ontario province applied a 25 per cent surcharge to power exports to the US, raising electricity prices for about 1.5mn Americans across the states of New York, Michigan and Minnesota.

Former president Joe Biden, who inherited Trump’s tariffs when he entered the White House, struck deals with the EU, UK and Japan that allowed them to export a certain quota of their metals to the US free of duties.