(WBAP/KLIF) — NEW YORK (AP) — The U.S. stock market is sinking further after President Donald Trump raised the stakes in his trade war, pulling Wall Street more than 9% below its record set just a month ago. The S&P 500 fell 1.1% Thursday after Trump said he would raise tariffs on steel and aluminum coming from Canada, doubling them to 50%. The president said it was in direct response to moves Canada has made after Trump earlier began his trade war with one of the country’s most important business partners. The Dow Jones Industrial Average dropped 517 points, and the Nasdaq composite was 0.9% lower.
President Donald Trump says that he will double his planned tariffs on steel and aluminum from 25% to 50% for Canada, 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. Trump says on Truth Social that he will double the tariffs. The U.S. stock market promptly fell following his social media post, triggering more concerns after a brutal selloff on Monday that puts Trump under pressure to show he has a legitimate plan to grow the economy instead of perhaps pushing it into a recession.
TORONTO (AP) — Ontario’s premier, the leader of Canada’s most populous province, is now charging 25% more for electricity shipped to 1.5 million American homes and businesses in response to U.S. President Donald Trump’s tariff plan. Ontario provides electricity to Minnesota, New York and Michigan. Ontario Premier Doug Ford says Ontario’s tariff would remain in place despite the one-month reprieve from Trump, noting a one-month pause is just more uncertainty. Ford estimated the new tariff will add about $69 a month to the bills of each American affected.
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