Trump launched a new trade war Tuesday by imposing tariffs against Washington’s three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin. Trump put 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy.

U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau spoke for about 50 minutes on Wednesday and discussed fentanyl smuggling and trade, said a Canadian source directly familiar with the conversation.

Prime Minister Justin Trudeau said Thursday that his phone call with U.S. President Donald Trump was "colourful" with moments of tension as the two hashed out how to bring the American-led trade war to an end.

Ford announced retaliatory plans shortly after Trump implemented tariffs against Canada.

In response to President Trump’s latest round of tariffs this week on Canada, Premier Ford — a political conservative who once supported Trump’s policies but was re-elected last week on a campaign against Trump’s actions — vowed to retaliate with a 25% surcharge on electricity exports to Michigan, New York and Minnesota.

Ontario Premier Doug Ford said that his province is prepared to add a 25% surcharge on the electricity it exports to Michigan.