There is a new development about Trump's tariffs that is affecting the cryptocurrency market.

The White House confirms a 25% tariff on steel and aluminum imports from Canada and other countries will take effect at midnight on March 12. President Donald Trump, who had previously threatened to raise tariffs to 50%, ultimately chose not to increase the tariffs further, without providing any exemptions or exclusions. White House spokesperson Kush Desai said in a statement announcing the decision: "Under previous executive orders, the 25 percent tariff on steel and 10 percent tariff on aluminum will be effective at midnight on March 12, with no country exclusions or exemptions, including Canada and all of our trade partners". Trump said for the first time today that he will double the tax on Canadian metals in retaliation for Ontario's decision to tax 25% on electricity exports to the U.S. states. This announcement caused the market to plunge, adding to the recent unrest in North American trade sectors. But there was a breakthrough after Ontario Premier Doug Ford and US Commerce Secretary Howard Lutnick confirmed that the Canadian province will suspend planned tariffs on electricity exports. The two officials will meet in Washington on Thursday to discuss trade relations. After this decision, Ford said the important thing was to reduce tension, he said: "In every negotiation, there comes a time when tension becomes intense and needs to be cooled down. This is the right decision." Right after that, Trump said he was ready to reconsider the tariff increase. Despite the temporary postponement, trade tensions between the United States and Canada remain high.