President Donald Trump announced Tuesday he won't impose 50% retaliatory tariffs against Canada on Wednesday that would have doubled planned tariffs on steel and aluminum imports.

The U.S. president ratcheted up a trade war with America's northern neighbor after Ontario's surcharge on electricity sold to the United States.

Ontario has imposed a 25% surcharge on all electricity exports to the U.S. in response to U.S. tariffs on Canadian goods, and has threatened to cut off the exports completely, even as President Donald Trump paused the duties for a month.