The United States confirms a 25% tariff increase on steel and aluminum, applying pressure to Canada.

The Today's latest foreign exchange marketWhite House confirmed on March 11 that the 25% tariffs on steel and aluminum will take effect at midnight as planned, and no trading partners will be granted exemptions. President Trump stated that an additional 25% tariff will be imposed on all steel and aluminum products from Canada, bringing the total tariff for these products entering the U.S. from Canada to 50%. This policy will take effect on the morning of March 12.

Trump's decision is in response to a 25% electricity tax policy implemented by the Government of Ontario, Canada, which requires a 25% tax on electricity exported to the United States. However, shortly after Trump announced this policy, reports emerged that the U.S. had not yet signed the formal documents to impose the tariffs.

Ontario Premier Doug Ford had a conversation with U.S. Secretary of Commerce Wilbur Ross, indicating a willingness to abandon the 25% charge on electricity exports to the U.S. Nevertheless, Trump remains firm on imposing the 25% tariffs on steel and aluminum products from Canada and all other trade partners, with no exceptions or exemptions. White House spokesperson Sarah Huckabee Sanders confirmed in a statement that the tariffs would take effect as scheduled at midnight, March 12.

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