President Trump backed off of a threat he made March 11 to double the 25% tariffs on all imported steel and aluminum products in response to a Canadian retaliatory export tax on electricity, with the metals levy taking effect Wednesday.
Trump dropped the extra steel and aluminum fee after Canada rescinded the electricity surcharge.
The 50% tariff, accompanied by an end to all exemptions to the steel and aluminum levies, follows retaliatory efforts by Canada, which placed an export tax on electricity, according to the President. Canadian officials have since agreed to remove the surcharge, according to an AP report.
In a Truth Social post, Trump said he would have “substantially increased” tariffs on automobiles imported from Canada on April 2 should Canada’s tariffs not drop.Â
The U.S. steel industry has come out in favor of tariffs on steel imports. The CEOs of nine steel manufacturers and four organizations that represent the steel industry have both published letters to the President in support.
“We urge you to resist any requests for exceptions or exclusions and to continue standing strong on behalf of American steel,” the steel companies wrote.
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The pause includes goods covered by the North American trade agreement (USMCA).
