Donald Trump backs down on 50% steel and aluminium tariffs on Canada

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Donald Trump has declined from plans to double the tariffs on Canadian steel and mineral imports to only 50 percent after hours of threats, as it rocked investors by intensifying the trade war in North America.

The president, which the President, has suspended the Canadian province of Ontario earlier in the day its additional 25 percent fees for power exports to the United States, which Trump cited as a reason to enhance the customs tariff for imports from Canada.

The reflection is an unprecedented rapid escalation procedure Trade war Among the largest economy in the world and one of the three largest commercial partners, the second consecutive week in which Trump has reduced the planned definitions in Canada.

The White House confirmed that the United States will impose 25 percent definitions on Canadian steel and aluminum imports from midnight, as part of the customs tariff on all imports of steel and aluminum.

In a statement released late on Tuesday, hours after Trump announced that he would issue a tariff of 50 percent on Canadian minerals, the White House said the president “used the American economy again … to win the American people.”

Dog Ford, Prime Minister of Ontario earlier on Tuesday afternoon, said that he would suspend additional fees of 25 percent after a “fruitful” conversation with US Trade Minister Howard Lottenic.

Ford said that he would meet the representative of Lootnick and American Trade Representative Jameson Jarir in Washington later this week to discuss trade tensions.

The rotation was announced in the Prime Minister just one day after the imposition of additional fees, and it came hours after Trump said that the United States would impose 50 percent definitions on Canadian steel and aluminum on Wednesday.

“The Minister of Commerce has ordered the addition of an additional tariff by 25 %, to 50 %, on all steel and aluminum next to the United States from Canada, one of the highest identification countries anywhere in the world,” US President ” He wrote about his social reality Tuesday morning platform.

The latest commercial dispute raised an increase in volatility in Wall Street, and sending the US S&P 500 index for a short period A sharp decrease on Tuesday After a heavy sale the day before. Close the S&P 0.8 per cent, and reduce some of its losses.

Soon after his inauguration, Trump said he would be imposed by 25 percent of the customs tariffs on Canada and Mexico, but last week he granted one month rest for goods that meet the rules of the 2020 Free Trade deal.

The aluminum and steel tariffs are part of a separate set of duties that will be imposed on producers all over the world, which is scheduled to spend the power on Wednesday.

White House officials said the 25 percent global definitions on mineral imports were aimed at protecting the US local industry.

Mark Carney, the next Prime Minister in Canada, described Trump’s latest escalation as “an attack on Canadian workers, families and companies.”

Carney added that his government “will guarantee that our response has the maximum impact in the United States and the minimum impact here in Canada.”

On Tuesday, the White House continued to reject fears of market turmoil.

“When it comes to the stock market, the numbers we see today, and the numbers that we saw yesterday. The secretary, Caroline Levitte, said:” It is a snapshot of a moment of time. “

“We are in the period of economic transition,” she added.

A close tracking scale has increased to the difference in aluminum prices in the United States and London, which is called MidWest Premium, sharply on Tuesday, confirming the increasing costs facing American industrial groups.

Futures that follow the premium, which follow the prices of the metal that was delivered to plants in the American Middle West, rose up to 18 percent, according to FactSet data.

Trump said that if Canada did not drop a “long time” tariff, it will “increase greatly” on the fees on cars coming to the United States, a move that he said would “closely close” the car industry in the country.

The president, who also suggested that the northern neighbor of the United States can no longer make sure that Washington will protect it militarily, “The only thing that makes Canada to become Canada is the first fifty and Lina. This would make all definitions, and everything else, completely disappears.”

Canada strongly rejected such suggestions from Trump since his inauguration in January.

Additional reports by Steve Chavez in Washington