Donald Trump has walked back his proposed 50% tariffs on Canadian steel and aluminum.
The president opted instead to keep it at the original 25%.
His move comes following Ontario Premier Doug Ford's decision to suspend a retaliatory 25% energy surcharge.
According to MarketWatch, Trump trade advisor Peter Navarro made the annoucement during an appearance on CNBC.
He explained that "cooler heads prevailed" in the discussion process, and that as a result, no increases would be made to the tariffs on steel and aluminum.
Ford walked back his proposed 25% electricity surcharge after Trump threatened to respond with the aforementioned 25% increase.
When the premier made his move, the president thanked him, saying, "I respect that."
More to come...
