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Investing.com -- In response to tariffs imposed by President Trump, Ontario, a province in Canada, will implement a 25% export tax on electricity it supplies to about 1.5 million households in Minnesota, Michigan, and New York. The announcement was made by Doug Ford (NYSE:F), Ontario’s provincial leader, and reported by The Wall Street Journal.
Ford warned that he is ready to instruct the province’s energy producers to completely halt exports if Trump introduces additional tariffs on April 2. He also mentioned plans to redirect energy from an Ontario nuclear reactor to local manufacturers.
In an interview with The Wall Street Journal, Ford stated that President Trump underestimates the Canadian people. He further indicated that Ontario is ready to stockpile the nickel usually sold to the U.S. by the province’s miners and sell it to other markets if more tariffs are imposed. Approximately half of the nickel produced in Canada is sold to U.S. companies and the Department of Defense. Ford emphasized the importance of Canada’s minerals to the U.S., suggesting that any disruption in supply would be noticed quickly.
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