Ontario Premier Doug Ford has demanded an emergency meeting with U.S. President Donald Trump to address the economic effects of recently introduced tariffs, stating that the mounting trade war is driving inflation and jeopardizing economic stability.
Addressing News Nation on Monday, Ford underscored the need for Canada and the U.S. to have robust economic relations, urging immediate negotiations to avoid further disruptions.
“We’re already seeing inflation occurring, and we don’t need to do this,” Ford stated. “We can be the two wealthiest countries in the globe. We should sit down as soon as possible.”
Stock Market Responds as Ontario Introduces Electricity Surcharge
The financial markets suffered Monday, as the Dow Jones Industrial Average closed down 890 points, a 2.1% loss, and the Nasdaq composite fell by 4%. The losses build on current market volatility that is partly due to tariff-related uncertainties and economic worries.
In retaliating against American tariffs on Canadian exports, the Ontario government has enacted a 25% penalty on electricity exports to New York state, Michigan, and Minnesota. The penalty, which will affect 1.5 million homes and businesses in the three states, is a retaliatory measure in the ongoing trade war.
“When we stand together, we’re invincible,” Ford said. “We possess the critical minerals, the energy, the aluminum, the steel, and the timber that our American friends require, and we require Americans too. It’s been happening for 200 years.”
White House, Economic Experts Respond
Economic worries about the tariffs have increased in recent weeks, with rumors of a possible recession. National Economic Council Director Kevin Hassett tried to calm recession fears, saying that the U.S. economy will pick up again.
“I believe that what is going to occur in the first quarter will sneak into the positive column, and then the second quarter is going to start taking off because everyone is going to see the reality of the tax cuts,” Hassett added.
And a White House spokeswoman waved off concerns from Canada, suggesting the nation needs to concentrate on border security and drug control.
“President Trump is dedicated to placing Americans and America First, and the Trump administration will not assign a dollar value to American lives,” White House spokesman Kush Desai wrote in an email to The Hill.
With growing economic tensions, Ford’s appeal for urgent talks indicates Canada’s desperation in looking at the consequences of the tariff war and its larger economic ramifications.
