President Donald Trump imposed sweeping 25% tariffs on all steel and aluminum imported into the United States Wednesday, a policy aimed at leveling the playing field for US manufacturing but a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.

President Trump has ordered global tariffs on imports of steel and aluminum of 25%. After some jockeying, which included threats by the Ontario premier to levy a 25% surcharge on electricity delivered to bordering states in the United States, the premier and Commerce Secretary Lutnick agreed to further discussions on revisions to the USMCA.

Global markets have been gripped by a sense of risk aversion ever since U.S. President Donald Trump triggered a tit-for-tat tariff war between the U.S. and its trade partners, which analysts have said could stoke inflationary pressures and trigger an economic slowdown.