Ontario Premier Doug Ford announced on Tuesday that he would suspend a 25% surcharge on electricity exports to Americans states and would meet with American officials to resolve a trade dispute that has roiled markets in recent days.

"Today, United States Secretary of Commerce [Howard Lutnick] and Premier of Ontario Doug Ford had a productive conversation about the economic relationship between the United States and Canada," the pair said in a joint statement.

"Secretary Lutnick agreed to officially meet with Premier Ford in Washington on Thursday, March 13 alongside the United States Trade Representative to discuss a renewed USMCA ahead of the April 2 reciprocal tariff deadline," the statement continued. "In response, Ontario agreed to suspend its 25 per cent surcharge on exports of electricity to Michigan, New York and Minnesota."

The announcement appears to be a preliminary win for Trump, who has imposed substantial tariffs on Canada in a bid to encourage border security efforts and a reciprocal trade policy. Just hours ahead of Ford's statement, Trump railed against the Canadian supply of electricity to American states.

"Why would our Country allow another Country to supply us with electricity, even for a small area? Who made these decisions, and why?" Trump posted on Truth Social. "And can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat? They will pay a financial price for this so big that it will be read about in History Books for many years to come!"