The Canadian province of Ontario raised prices on electricity exported to the US states yesterday, adding a 25% surcharge to power transmissions to New York, Michigan, and Minnesota. Ontario Premier Doug Ford said the move was in response to ongoing tariff threats from the Trump administration (see overview).
An estimated 4.4% of New York’s power in 2023 came from Ontario, while the regional grid operator servicing Michigan and Minnesota said less than 1% of its power came from Ontario. Still, Canadian officials projected about $280K per day in revenue from the move, which rides a wave of anti-US sentiment in the country.
In related news, retaliatory tariffs from China on US agricultural imports kicked in yesterday, with Beijing placing 10% to 15% duties on products ranging from pork and beef to soybeans. China is the largest international market for US agriculture exports, amounting to nearly $34B annually.