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President Donald Trump said he was reevaluating plans to double steel and aluminum tariffs on Canada to 50% after Ontario announced it would suspend a 25% surcharge on electricity sent to the US.

“I’m looking at that, but probably so,” Trump told reporters Tuesday when asked if the de-escalation would lead him to back down on his tariff threat. “I’ll let you know about it.”

Trump’s comments appeared to calm a brief but dramatic volley in the widening trade war between the US and Canada that has rocked markets and hung a cloud of uncertainty across major North American industries.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg Politics Editor Laura Davison as President Donald Trump prepares to speak to the Business Roundtable Tuesday night.
• Managing Director and Chief Economist for SMBC Nikko Securities America and former Chief Economist at the National Economic Council under Donald Trump Joe Lavorgna as angst grows on Wall Street over Trump's tariff plans.
• Bloomberg Politics Contributors Rick Davis and Jeanne Sheehan Zaino as Congress looks to avert a government shutdown at the end of the week.
• Bloomberg Senior Editor Michael Regan as the S&P 500 Index’s three-week selloff briefly reached 10% before a late rally pared much of the drop.
• Distinguished Professor at the University of Virginia's Miller Center Mara Rudman as US and Ukrainian officials meet in Saudi Arabia.

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