Ontario Premier Urges Urgent Talks with Trump as 25% Tariff Escalates U.S.-Canada Trade Tensions
NGN News
Ontario Premier Doug Ford has called for an urgent meeting with former U.S. President Donald Trump following the escalating tariff war between the two nations. Ford emphasized the need for immediate discussions to prevent further economic strain.
“We’re seeing inflation happening already, and it’s unnecessary. We don’t need to do this. We can have the two most prosperous countries in the world. We need to sit down as quickly as possible,” Ford told NewsNation’s Nichole Berlie.
Stock Market Takes a Hit
The financial markets reacted sharply to the growing trade tensions. The Dow Jones Industrial Average plummeted by 890 points, a 2.1% drop, while the Nasdaq composite fell by 4%. Experts cite uncertainty over tariffs and weak economic data as key drivers of the decline.
Ontario’s Response: 25% Electricity Surcharge
In retaliation to U.S. tariffs on Canadian goods, Ontario’s government has introduced a 25% surcharge on electricity exports to three American states—New York, Michigan, and Minnesota. The policy is expected to affect over 1.5 million homes and businesses in those states.
Ford defended the move, highlighting Canada’s vital economic contributions:
“We have the critical minerals, energy, aluminum, steel, and lumber that our American friends need. And we need Americans as well. This partnership has lasted for over 200 years,” he said.
White House Responds
A White House spokesperson dismissed Canada’s concerns, urging the country to focus on border security and drug control instead.
“President Trump is committed to putting Americans first and refuses to put a dollar value on American lives,” said spokesperson Kush Desai in an email to The Hill.
Economic Uncertainty Looms
The growing tensions have fueled nationwide recession fears. While economic experts remain divided, National Economic Council Director Kevin Hassett remains optimistic:
“The first quarter might squeak into positive territory, and by the second quarter, the economy should take off,” he stated.
As both nations brace for further economic shifts, all eyes are on whether Ford and Trump will meet to de-escalate tensions.
Stay tuned to NGN News for further updates.
