White House "Withdrawal of 'Additional 25% Tariffs' on Canadian Steel and Aluminum"

U.S. Withdraws Retaliatory Tariffs on Canadian Steel and Aluminum
After Ontario Suspends Electricity Surcharge

The U.S. Donald Trump administration on the 11th (local time) withdrew the plan to impose an additional 25% tariff on steel and aluminum against Canada as retaliation for Ontario's surcharge policy on electricity exports to the U.S. Ontario, Canada, temporarily suspended the surcharge on electricity exports to the U.S. in response to President Trump's threat of additional tariffs, prompting the administration to drop the additional tariff card. Critics point out that the Trump administration's erratic moves are adding uncertainty to economic policies, including tariffs, causing turmoil in the stock market and trade order.

Peter Navarro, White House trade and manufacturing advisor, said in an interview with CNBC, a U.S. economic cable channel, that the planned 25% additional tariffs on Canadian steel and aluminum scheduled to be imposed from the 12th would not take effect.

Earlier, the Ontario provincial government imposed a 25% export tax on electricity exported to the U.S. starting from the 10th in response to the Trump administration's plan to impose tariffs on Canadian lumber and dairy products.

In response, President Trump posted on his social media platform Truth Social in the morning, stating that he would impose a 50% tariff on Canadian steel and aluminum from the 12th, which is 25% plus an additional 25% on top of the global steel and aluminum tariff rate of 25%. Trump announced that this measure would take effect from the morning of the 12th. Canada is the largest foreign supplier of steel and aluminum to the U.S.

Reuters Yonhap News

Following a phone call between Ontario Premier Doug Ford and Commerce Secretary Wilbur Ross, they agreed to abolish the electricity surcharge in exchange for easing steel and aluminum tariffs. Subsequently, Ontario announced the temporary suspension of the surcharge on electricity exports to the U.S., and the U.S. withdrew the additional tariff card on Canadian steel and aluminum.

Due to the Trump administration's inconsistent tariff policy moves, economic uncertainty has increased, and the U.S. stock market has continued to decline daily. Despite warnings from inside and outside the U.S. about the side effects caused by Trump's reckless tariff policies, the Trump administration appears to maintain its current course. The administration reiterated that there would be no exceptions or exemptions for the steel and aluminum tariffs scheduled to take effect on the 12th.

White House spokesperson Karoline Leavitt said at a briefing on the 11th, "We are in an economic transition period," adding, "We are transitioning from the chaos created by Joe Biden and previous administrations." This is interpreted to mean that although President Trump's tariff policies may have negative short-term effects on the stock market, they will bring greater benefits to the economy in the long term.

This content was produced with the assistance of AI translation services.