UPDATED: Trump retaliates against Ford, announces 50% tariff on steel, aluminum

President Donald Trump announced Tuesday morning he is increasing tariffs on Canadian steel and aluminum to 50% in retaliation to Ontario Premier Ford’s move to tariff electricity.

Ford on Monday announced a 25% tariff on American electricity going to three states, impacting approximately 1.5 million homes and businesses.

The new policy goes into effect Wednesday morning.

"Can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat?" wrote Trump on Truth Social.

"they will pay a financial price for this so big that it will be read about in History Books for many years to come!"

“Based on Ontario, Canada, placing a 25% Tariff on ‘Electricity’ coming into the United States, I have instructed my Secretary of Commerce to add an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD,” wrote Trump on Truth Social.

The president slammed Canada’s Supply Management Agreement, often dubbed the “dairy cartel.” He demanded Canada cancel the “anti-American farmer tariff of 250% to 390% on US dairy products.”

Trump, who has threatened tariffs on Canada’s auto industry on April 2, further said he would “permanently shut down the automobile manufacturing business in Canada.”

“I will shortly be declaring a National Emergency on Electricity within the threatened area,” wrote Trump.

"This will allow the US to quickly do what has to be done to alleviate this abusive threat from Canada.”

“If other egregious, long time Tariffs are not likewise dropped by Canada, I will substantially increase, on April 2nd, the Tariffs on Cars coming into the US. which will, essentially, permanently shut down the automobile manufacturing business in Canada.”

Ford on Monday announced a 25% surcharge on electricity going to New York, Michigan and Minnesota, explicitly stating it would tack on $300,000 to $400,000 each day “to the bills of hard-working Americans.”

Ford during his press conference Monday blamed his decision solely on Trump and said if the US retaliates, he will increase the electricity surcharge even more.

“I will not hesitate to increase this charge. I will not hesitate to cut off people’s electricity completely,” said Ford.

“It’s one person who is responsible. That is Donald Trump,” he said.

“I will do whatever it takes to maximize the pain against the Americans.”

“It’s not really them [the Americans]. It’s President Trump.”

"We need a war-time effort.”