MxM News

Quick Hit:

Ontario Premier Doug Ford announced Tuesday that the province is suspending its 25% surcharge on electricity exports to the U.S. following President Trump’s decision to double tariffs on Canadian aluminum and steel.

Key Details:

• Ford confirmed Ontario’s suspension of the electricity surcharge after Trump’s tariff escalation put Canadian industries under pressure.

• The Ontario premier said he and Lutnick would meet with U.S. Trade Representative Jamieson Greer on Thursday in Washington to discuss a “renewed USMCA.”

• In a statement on X, Ford acknowledged the move, stating, “In response, Ontario agreed to suspend its 25 percent surcharge on exports of electricity to Michigan, New York and Minnesota.”

Diving Deeper:

Just hours after President Trump doubled tariffs on Canadian aluminum and steel, Ontario Premier Doug Ford announced Tuesday that the province will suspend its 25% electricity surcharge on power exports to three U.S. states. The policy reversal comes as Ontario seeks to avoid further economic retaliation from Washington.

Trump’s latest round of tariffs—upping duties on Canadian steel and aluminum to 50%—were issued in direct response to Ontario’s electricity tax on U.S. consumers in Michigan, New York, and Minnesota. The move threatened to escalate an already tense trade standoff, with Trump warning of additional penalties targeting Canada’s auto sector if broader trade disputes weren’t addressed.

Ford took to X to confirm Ontario’s decision to pull back on the surcharge, saying he had a “productive conversation” with Commerce Secretary Howard Lutnick. The two will meet in Washington on Thursday alongside U.S. Trade Representative Jamieson Greer to discuss a possible “renewed USMCA,” signaling a potential shift in trade relations between the two nations.

“In response, Ontario agreed to suspend its 25 percent surcharge on exports of electricity to Michigan, New York and Minnesota,” Ford and Lutnick stated in a joint announcement.

The suspension of Ontario’s surcharge marks a significant concession in the ongoing trade dispute, which has sent shockwaves through financial markets and rattled Canadian industries. Trump had labeled Ontario’s surcharge an “abusive threat” and pledged to take decisive action to ensure American energy security.

Beyond the immediate tariff battle, Ford’s willingness to engage in talks about a “renewed USMCA” could indicate Canada’s growing concern over Trump’s broader trade agenda. The U.S.-Mexico-Canada Agreement, originally signed during Trump’s first term, remains a key economic framework, but Trump has long criticized Canada’s tariffs on American dairy and its limited contributions to North American security.

While Ontario’s suspension of the electricity surcharge could ease tensions in the short term, the broader U.S.-Canada trade relationship remains in flux as Trump continues pushing for more favorable terms for American industries.

MxM News

Quick Hit:

Elon Musk revealed Monday that X was the target of a “massive cyberattack,” with IP addresses linked to the Ukraine region. Musk noted the attack was highly coordinated and suggested it could involve a large group or a nation-state.

Key Details:

• Speaking to Fox Business’ Larry Kudlow, Musk said, “We’re not exactly sure what happened, but there was a massive cyberattack to try to bring down the ecosystem with IP addresses originating in the Ukraine area.”

• Earlier Monday, Musk posted about the attack on X, stating, “There was (still is) a massive cyberattack against X,” adding that the platform faces daily attacks but this one was particularly well-resourced.

• Musk, who acquired X (formerly Twitter) for $44 billion in October 2022, has faced increasing pressure as his companies, including Tesla and SpaceX, deal with coordinated protests that he alleges are backed by left-wing billionaires like George Soros and Reid Hoffman.

Diving Deeper:

X suffered a significant cyberattack Monday, according to its owner Elon Musk. During an interview with Fox Business’ Larry Kudlow, Musk said that while the full details were unclear, the attack sought to “bring down the ecosystem” and had origins tied to the Ukraine region. He suggested the attack was well-funded and likely involved either a large, coordinated group or a nation-state.

Musk had earlier addressed the incident on X, stating that while the platform regularly faces cyber threats, this particular attack was on a different scale. “We get attacked every day, but this was done with a lot of resources,” he wrote, adding that efforts were underway to trace those responsible.

The timing of the cyberattack raises questions, as it comes amid widespread protests against Musk’s other ventures, particularly Tesla. Musk has accused high-profile Democrat donors, including George Soros and LinkedIn co-founder Reid Hoffman, of financing the demonstrations. He has not provided direct evidence to support the claim, but the protests have coincided with an intensifying political battle over Musk’s influence in both the private sector and government.

Musk’s role in the Trump administration as the head of the Department of Government Efficiency has drawn praise from the president. Trump has credited Musk with spearheading efforts to reduce government waste and save taxpayers billions. Meanwhile, Musk’s companies, including SpaceX, hold lucrative contracts with the Department of Defense, making them frequent targets of scrutiny and opposition from political adversaries.

As X continues to investigate the cyberattack, the broader implications remain unclear. Whether a nation-state or an organized cybercriminal group was behind the attack could have significant ramifications, particularly given the geopolitical tensions surrounding Ukraine.