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Have your electricity bills skyrocketed this winter? Well, they are about to get even more expensive in three U.S. states as a result of President Donald Trump’s tariff war with Canada. On Monday, Canada’s Ontario province began adding a 25% retaliatory tariff on electricity imported into the U.S., which is estimated to add an extra $69 a month for 1.5 million Americans and businesses in New York, Michigan, and Minnesota (or $277,000 a day, total). President Trumps tariffs are a disaster for the U.S. economy. Theyre making life more expensive for American families and businesses, Ontario premier Doug Ford said in a statement. Until the threat of tariffs is gone for good, Ontario wont back down.” And that’s not all. The new surcharge comes on top of Canada’s nationwide $30 billion in retaliatory tariffs, as our longtime ally and close neighbor to the north fights back against Trump’s barrage of on-again, off-again tariffs, countering with its own cost increases, fully suspending some imports, and has already removed some American-made good from its shelves, including alcohol. It’s a major blow “costing American businesses $1 billion in lost revenue.” On Wednesday, Trump will also levy a 25% tariffs on all steel and aluminum imports into the U.S., just one more headache for our Canada neighbors. Canada’s newly elected prime minister Mark Carney warned Trump “Canada will win” this trade war with the U.S.: We didnt ask for this fight. But Canadians are always ready when someone else drops the gloves.” And for intents and purposes, it looks like they mean business.
Category:
E-Commerce
The acting chief of the U.S. Securities and Exchange Commission said on Monday he has directed staff to look at ways to abandon a plan that would have widened the definition of alternative trading systems to include some cryptocurrency firms. The SEC in 2022 proposed requiring some crypto firms to register as alternative trading systems, drawing criticism from the sector in the face of potentially heightened oversight and additional rules. Acting Chairman Mark Uyeda told an audience of bankers he has instructed staff to look at ways to abandon that portion of the plan, which has yet to be finalized. It was an expansion of an earlier effort aimed at trading of Treasuries markets, Uyeda said in prepared remarks. “In my view, it was a mistake for the Commission to link together regulation of the Treasury markets with a heavy-handed attempt to tamp down the crypto market,” Uyeda said. He said he has also asked SEC staff to renew discussions with the Treasury Department, the Federal Reserve, and market participants to consider the original plans for regulatory changes on the government securities alternative trading systems. The 2022 proposal was part of a broader effort by the SEC under Democratic leadership to better protect investors by subjecting the crypto sector to a host of rules and requirements. Under Republican leadership, the SEC in January launched a crypto task force to overhaul its crypto policy and has begun pausing or dismissing pending lawsuits against crypto firms. Chris Prentice, Reuters
Category:
E-Commerce
A “massive cyberattack” is causing disruptions to X, the platform’s owner and Trump senior advisor Elon Musk claimed Monday. “We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved,” he wrote in a post on the social media platform. He added the company was “tracing” the source. Users reported intermittent outages on the social media platform on Monday, according to outage tracker Downdetector. In 2022, Musk bought X, then known as Twitter, for $44 billion and made wide-sweeping cuts to its staff and changes to its content policies. Since then, the billionaire Tesla CEO has endeared himself to President Trump and now plays a key role in the current administration. Musk, leading the so-called Department of Government Efficiency (DOGE), has brought crews of young tech workers to Washington, D.C., to slash government budgets and workforces. But Musk’s recent rightward shift and current chaos propagating has caused massive backlash against the world’s richest man. Shares of Tesla, his electric vehicle company, were down 14% on Monday. The stock has sunk more than 35% in the past month as sales slumped in Europe and investors feared his political activities were taking too much time away from managing his EV company. Tesla has also been the focus of protests, with many taking to dealerships to call out Musk’s sweeping cuts. Musk had a simple response to an X user who theorized that a mysterious “they” wanted “to silence you and this platform,” leading to the attack. “Yes,” he said.
Category:
E-Commerce
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