The cost of aluminium and steel in the United States hovered near recent peaks on Wednesday after U.S. tariffs of 25% took effect and sparked retaliation from Canada and Europe. Traders have been ratcheting up U.

It comes after the Canadian province of Ontario said it would suspend a 25% surcharge on US-bound electricity.

A senior economic adviser to United States President Donald Trump says a plan to double tariffs on Canadian steel and aluminium imports to 50 percent has been halted, as the trade war between the two countries continues to sow confusion and uncertainty.