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Mark Carney has been sworn in as Canada’s 24th prime minister, bringing the former central banker to power in the middle of an explosive trade war with the U.S.

Canada announced new 25% counter-tariffs on $20.8 billion of U.S.-made items after the Trump administration went ahead with global levies on imports of steel and aluminum.

If President Donald Trump’s tariffs on steel and aluminum take effect at a minute past midnight in Washington on March 12, it will mark a repeat of first-term levies — with one major difference.

Canada will keep its trade retaliation in place until the U.S. lifts its own tariffs and commits to free trade, said Mark Carney, who will succeed Justin Trudeau as Canada’s prime minister.

President Donald Trump said he was re-evaluating plans to double steel and aluminum tariffs on Canada to 50% after Ontario said it would suspend a 25% surcharge on electricity sent to the U.S.

Concern about U.S. President Donald Trump’s threats to impose tariffs on U.S. imports of Canadian oil is waning as the duties’ start date keeps getting pushed back.

Ontario’s premier announced that effective March 10 it is charging 25% more for electricity to 1.5 million Americans in response to U.S. President Donald Trump’s trade war.

Canada will keep in place its retaliatory tariffs against U.S.-made products as long as President Donald Trump persists with a trade war, said Mark Carney.

President Donald Trump said he may implement reciprocal tariffs on Canadian lumber and dairy products as soon as March 7, threatening again to disrupt cross-border trade.

Crude is among the beneficiaries of President Donald Trump’s one-month reprieve on tariffs for some imports from Canada and Mexico, a boost to oil industry leaders.