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A 25 per cent surcharge on all Ontario electricity exports to the United States is now in effect, with provincial officials estimating that the measure will cost providers south of the border up to $400,000 per day. The surcharge is among a suite of countermeasures being taken by the Ontario government amid an ongoing trade war with the United States, including pulling U.S. booze off LCBO shelves.
In a news release issued on Monday morning, the province confirmed that "new market rules" are now in effect, which will require any generator selling electricity to the U.S. to add a 25 per cent surcharge, valued at $10 per megawatt-hour, to the cost of power. Ontario currently supplies electricity to about 1.5 million homes and businesses in New York, Michigan and Minnesota.
"President [Donald] Trump's tariffs are a disaster for the U.S. economy. They're making life more expensive for American families and businesses," Premier Doug Ford said in the release. "Until the threat of tariffs is gone for good, Ontario won't back down. We'll stand strong, use every tool in our toolkit and do whatever it takes to protect Ontario."
Ontario says it is implementing the new surcharge through an "urgent amendment" to the market rules that apply to the Independent Electricity System Operator (IESO), which is the arms-length Crown corporation responsible for the province's electrical grid. Speaking on background, government officials say the regulatory authority provided to the IESO does not limit the surcharge to 25 per cent.
In fact, they say the Ontario government "retains the ability to increase or decrease the surcharge at any time in response to the actions of the U.S. administration." Ford has previously said he would consider doubling the export tax to 50 per cent should "the economic attack" on Canada continue, but has not specified under which circumstances such a measure might be taken.
Ford has also threatened to cut off electricity exports to the U.S. entirely.
Ontario Tax On Electricity Sent South Of The Border Takes Effect Today
Chinese tariffs on a wide range of U.S. agricultural products take effect today in the latest escalation in trade tensions between the world's two biggest economies.
China, which is the largest overseas market for U.S. farm products, announced the tariffslast week in retaliation for the Trump administration doubling its tariff on Chinese imports to 20%. They include a 15% tariff on chicken, wheat, corn and cotton and a 10% tariff on sorghum, soybeans, pork, beef, fruits, vegetables and dairy and fish products.
China Responds To Trump With Tariffs on U.S. Goods; Congress Barrels Toward Shutdown Deadline
UBS and Redburn Atlantic reiterated their sell ratings on Tesla ahead of the company’s April delivery report and first-quarter results, citing sluggish Model Y delivery forecasts and a lack of near-term growth catalysts. UBS slashed its price target by $24 to $225, which suggests 14% potential downside ahead for Tesla, while Redburn’s significantly more bearish $160 price target suggests the stock can fall more than 39%. “We foresee another year of stalled volumes without an imminent new vehicle launch,” Redburn analyst Adrian Yanoshik wrote.
Tesla shares declined nearly 9% on Monday, bringing its year-to-date plunge to more than 40%. If trends don’t reverse, the stock could head for an eighth consecutive week of declines after giving up its post-election gains , its longest losing streak in 15 years as a publicly traded company.
Worries About Tesla Sales Grow As Two More Analysts Reiterate Sell Ratings
Tesla’s post-election pop has almost disappeared.
Shares of the electric vehicle maker plunged on Tuesday, pushing the company’s market cap below $1 trillion and to its lowest since Nov. 7, which was two days after President Donald Trump’s election victory.
— CNBC (@cnbc.com) 25 February 2025 at 21:15
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The Dow Jones Industrial Average dropped 552 points, or 1.3%. The S&P 500 shed 2.3%, and the Nasdaq Composite lost 3.6%. Both the 500-stock S&P and tech-heavy Nasdaq dropped to their lowest levels since September 2024. The Nasdaq was weighed down by declines in the “Magnificent Seven” cohort. Tesla shed 10%, while Alphabet, Meta and AI darling Nvidia lost more than 4%.
Dow Tumbles 500 Points, S&P 500 Falls To The Lowest Since September on Recession Fears
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