New U.S. tariffs on Canadian steel and aluminum take effect as tensions rise between the two nations. President Donald Trump had threatened to double the duties to 50% in response to Ontario’s 25% electricity surcharge but settled on 25% after Ontario temporarily suspended the tax for three states. Canada maintains its 25% counter-tariffs on $30 billion in U.S. goods, vowing they will remain until all Trump-imposed tariffs are lifted. Prime Minister-designate Mark Carney calls the move "an attack on Canadian workers." Finance Minister Dominic LeBlanc, Foreign Affairs Minister Mélanie Joly, and Industry Minister François-Philippe Champagne will address the issue in a press conference at 9:45 a.m. ET.
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