Trump, Ontario ease tariff threats

March 12, 2025

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Welcome to Hill's Business & Economy Newsletter

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Business and economy

big story

Trump Knicks plans tariffs on Canadian steel

President Trump Discarded plans Tuesday to increase steel and aluminum tariffs in Canada after the Ontario government cancelled additional charges relating to US energy exports.

©Getty Images

The move came after the Ontario government on Tuesday I've retreated The threat of imposing additional charges on electricity in three US states amid wider trade talks.

In a joint statement from Ontario Premier Doug Ford and Commerce Secretary of Commerce Howard Lutnic, the two leaders said they had “a productive conversation about the economic ties between the United States and Canada.”

Last year, the US imported it More steel and aluminum More from Canada than any other country.

Earlier in the day, Trump threatened additional tariffs on Canada in the coming weeks, pointing to plans his administration would impose. Mutual Tariffs It will begin on April 2nd in all countries with US products obligations.

Uncertainty over Trump's tariff plans has led to a slump in the stock market, and the president has not ruled out the possibility of a recession this year.

Markets recovered temporarily on Tuesday, but then closed It's well red Also. The Dow Jones fell 478 points or 1.13% that day.

Brett Samuels of the Hill is here more.

Welcome to the hill Business and Economy NewsletterI'm Alice Foley. It covers the intersection of Wall Street and Pennsylvania Street.

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A real reading

Major business and economic news with more impacts than this week:

House Republicans pass bills to avoid government shutdown

The House on Tuesday passed a funding bill to avoid government shutdown over the weekend and tees measures to consider in the Senate.

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Trump doubles tariff threat amid market slump

President Trump has doubled his widespread tariff threat despite stock market slump, which helped fuel anxiety.

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Thune says Trump's tariffs should be “temporary” amid market volatility

Senate majority leader John Tune (Rs.D.) said he supports President Trump using tariffs to stop fentanyl flow to the US, but he said tariffs should be temporary, citing growing uncertainty that is shaking financial markets.

The complete story

Tax Watch

Welcome to Tax WatchThe Hill's Business & Economy Newsletter's new feature focuses on the fight for tax reform and pushing forward to extending this year's 2017 Trump tax cut.

The Senate remains open to the settlement options

The extension of Trump's tax cuts in 2017 will be in the hands of the Senate. $4.5 trillion And reducing revenues $1.5 to $2 trillion Reduce spending.

Senate Republicans feel pressure from moderate Republicans at home about nearby $900 billion Many of the resolutions that will require resolutions from the Energy and Commerce Commission to reduce spending are likely to come from Medicaid.

But the Senate remains open to options and could still move forward with its own budget resolution that extends Trump's tax cuts and prioritizes energy and border security, a senior Republican aide told Hill.

“The committee is working hard to prepare a budget resolution for the 'one big beautiful' bill and complete the text of the target bill if it needs to pivot. We are maintaining full options to make President Trump's agenda come true,” the person said.

– Tobias Burns

It's approaching

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Ticker

Upcoming news themes and events we are watching:

The council stares at me Midnight deadline on Friday Pass laws to maintain government funding or maintain the risk of closures. Republicans are trying to approve Trump-backed plans to fund the program Until September.

It's good to know

Business and Economic News we flagged from other outlets:

S&P 500 I'll rebound a little Traders handle the aftermath of the sale, so the latest tariffs (CNBC))
Trump administration I'm going back The obligation to deal with housing separation and discrimination (CNN))
House Republicans move Block potential issues Better tariffs (Bloomberg))

What others are reading

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The Ministry of Education excludes almost half of its employees

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Republicans postpone hearing after explosions at McBride's introduction

The House Foreign Affairs Subcommittee hearing ended abruptly on Tuesday after Rep. Keith Self (R-Texas) was called “Mr.” by Rep. Sarah McBride (d-del.), the first transgender person to be elected to Congress. read more