Trump Tariff Fallout: Ontario Premier Threatens To Cut Off US Electricity Exports — They Should 'Feel The Pain'

In a bold move, Ontario Premier Doug Ford has warned of a potential cessation of electricity exports to the U.S. The announcement is a response to President Donald Trump’s planned 25 percent tariffs on Canadian goods, as cited by The Hill on Monday.

What Happened: Ford made this declaration at a mining event in Toronto, expressing his readiness to match the U.S. tariffs dollar for dollar. He emphasized the U.S.’s significant reliance on Canada’s electricity, asserting that they should “feel the pain” of their tariff decisions.

Furthermore, Ford highlighted the unity of both federal and provincial governments in their opposition to U.S. tariffs. “The provinces have a big say in it, but it’s the federal government that’s leading the charge, and we’re going to stand shoulder-to-shoulder no matter who’s in the federal government,” he said.

This announcement follows Trump’s confirmation of the 25 percent tariffs on Canada and Mexico, set to be implemented on Tuesday. The President also announced the commencement of reciprocal tariffs from April 2, covering imports from all nations that impose import taxes on U.S. goods.

See Also: Markets Tank After Trump Confirms More Tariffs: Here’s What Wall Street Is Saying

Why It Matters: Trump’s decision to impose 25% tariffs on imports from Canada and Mexico, along with 20% tariffs on China, has raised concerns about the stability of the economy.

Following Trump’s announcement, economists and consumers are bracing for the widespread implications of the tariffs across the United States. A variety of goods nationwide are likely to see price increases.

Legendary investor Warren Buffett has also weighed in on the issue, characterizing tariffs as "an act of war" that functions as a consumer tax. He warned of the impact of tariffs on inflation, stating, "Over time, they are a tax on goods. I mean, the Tooth Fairy doesn't pay 'em!"

Markets swung sharply after Trump moved forward with tariff imposition on Monday, triggering a sell-off that left major indices in the red. The Dow Jones Industrial Average fell nearly 1.5% to 43,191.24, while the S&P 500 dropped about 1.8% to 5,849.72. The Nasdaq saw a steeper decline of 2.6%, closing at 18,350.19.

The Invesco QQQ Trust, Series 1 QQQ, which tracks the Nasdaq-100 index, ended Monday’s regular session lower by 2.2%, while the SPDR S&P 500 ETF Trust SPY fell 1.75%.

Image via Shutterstock

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal