US President Donald Trump has just shared on social media that he will be raising the tariff on all steel and aluminium coming into the US from Canada to 50%. A 25% tariff was set to be implemented on Wednesday. Stick with us, more to come.

The move came after Ontario backed off imposing a surtax on U.S.-bound electricity, capping a rollercoaster day on Wall Street.

Trump’s 2018 metals tariffs created job growth in the steel industry, but ultimately cost consumers more money as a result of job losses in industries that rely on steel and aluminum, studies have shown.