Equity markets extended their losses as the US imposed a 25% tariff on global steel and aluminium imports, later raising it to 50% for Canada. In response, Ontario removed its 25% electricity surcharge on US exports, prompting Trump to cap Canada’s tariff at 25%.
The tariff applies not only to raw metals but also to related products, likely driving US inflation. While some argue this impact will be temporary, broader economic ripple effects remain a concern.