Convicted felon and President of the United States Donald Trump is causing significant market volatility and seemingly steering towards a recession.
After the back-and-forth tariff threats that sent markets sharply lower for a second day Tuesday, US Commerce Secretary Howard Lutnick, Canada's Minister of Finance Dominic LeBlanc and Ontario Premier Doug Ford said they would meet Thursday to renegotiate the free trade treaty known as the USMCA.
Ontario agreed to suspend its 25% surcharge on electricity exports to Michigan, Minnesota and New York. President Donald Trump earlier on Tuesday threatened a 50% tariff on the country's aluminum and steel, a sharp escalation in the budding trade war with Canada in retaliation for Ontario's export surcharge. But Trump later signaled he would back down.
When a reporter asked him at a White House event if that 50% tariff would still go into effect, Trump sidestepped: "I'll let you know," he said. Shortly after those remarks, White House senior counselor for trade and manufacturing Peter Navarro confirmed in a CNBC interview that Trump's threat of higher tariffs won't be going into effect.
CNN
With whipsawing tariffs being tossed around and then rescinded ad nauseam, Donald Trump has economics experts raging, manufacturers shaking in fear, and one of the United States's closest allies, trading partners, and neighbors swearing off US-made goods. The self-proclaimed deal artist only knows how to negotiate with a sledgehammer. The market has lost all of its Trump bump, and we're still waiting to see the ill effects of setting the guy who cratered Twitter loose on the Federal government.
Previously:
• Musk rooting for Trump to tank the economy
