President Donald Trump backed down from an extraordinary trade war escalation Tuesday that had threatened a massive surge in Canadian steel and aluminum tariffs and new tariffs on Canadian electricity.

Trump said he would increase from 25% to 50% tariffs taking effect Wednesday for Canada after Ontario said it would hike electricity prices in the U.S.

WASHINGTON (AP) — President Donald Trump said Tuesday that he would double his planned tariffs on steel and aluminum from 25% to 50% for Canada, a retaliation that prompted the provincial government of Ontario to suspend its planned surcharges on electricity sold to the United States.