Trump Ups Canadian Steel, Aluminum Tariffs to 50%

President Trump says that he'll double his planned tariffs on steel and aluminum from 25% to 50% for Canada, reports the AP, escalating a trade war with the United States' northern neighbor. Trump says the increase of the tariffs set to take effect on Wednesday is a response to the price increases that the provincial government of Ontario put on electricity sold to the United States.

"Based on Ontario, Canada, placing a 25% Tariff on "Electricity" coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD," Trump posted Tuesday on Truth Social. The Dow promptly dropped 400 points following the social media post, notes CNBC News.

(More tariffs stories.)