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.

Ontario is holding off on a 25% surcharge on electricity going into the U.S., Premier Doug Ford said in a joint statement with Secretary of Commerce Howard Lutnick—just hours after Trump threatened to impose a 50% tariff on all Canadian steel and aluminum products Wednesday,

Doug Ford, the Ontario Premier, announced Tuesday that his province's planned 25% tariff on electricity exports to the U.S would be paused.