Trump won’t rule out recession as US tariffs begin
President Trump refused to rule out the possibility that his economic policies, including aggressive tariffs, could lead to a recession. In an interview with Fox News, he acknowledged a “period of transition” but insisted that his policies would ultimately benefit the economy.
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WASHINGTON — President Donald Trump escalated his trade war with Canada on Tuesday, pledging to double his planned steel and aluminum tariffs on America’s northern neighbor after the province of Ontario said it would charge U.S. customers more for electricity.
Trump said he would increase from 25% to 50% the tariffs that were due to take effect on March 12 for Canada only, using his authority to declare a national emergency on electricity in the affected areas.
Ontario said Monday that it would charge a 25% fee on U.S. energy users in Minnesota, New York and Michigan.