Ontario Premier Doug Ford said Monday that he “needs to sit as soon as possible” with President Trump on tariffs.
“We're already seeing inflation happening, but it's not necessary. We don't need to do this. We can have two of the most prosperous countries in the world. Ford told Nichole Berlie of NewsNation.
Stock markets dealt with severe losses on Monday as Dow Jones' industrial average closed at a loss of 890 points and fell 2.1%. Nasdaq Composite was also closed with a loss of 4%.
With overwhelming economic data and the Topsy Turn Trump administration's tariff announcement, stocks have steadily declined since the beginning of the month.
Starting Monday, the Ontario government is paying a 25% extra charge for electricity exports to three US provinces in response to US tariffs targeting Canada. The additional charge is set to affect electricity sales for 1.5 million homes and businesses in New York, Michigan and Minnesota, according to the Ontario government.
“When we stick together, we can't stop. There's important minerals. There's energy. We have aluminum, steel, wood that our American friends need, and we also need Americans. Ford said Monday.
Last week, anxiety around the US economy rose nationwide. But Kevin Hassett, director of the National Economic Council, said on Monday, “It was once a Biden recession and not a recession, given that there are two negative quarters, whether or not we're very vigilant about the conversation about the recession.”
“What happens is that the first quarter will squeal into a positive category, and if everyone sees the reality of tax cuts, the second quarter will take off,” he added.
Oka reached out to the White House for comments.
