Update (1445ET): After earlier responding to President Trump's threats with more sound and fury:

"I want to send more electricity" to the US, Ford said during an interview with CNBC, but cutting off power exports remains "a tool in our toolkit." 

Ontario Premier Doug Ford just folded like a broken deckchair and agreed to suspend its surcharge of 25% on exports of electricity to Michigan, New York and Minnesota, Ontario Premier Doug Ford says in a post on X.

Today, United States Secretary of Commerce and Premier of Ontario Doug Ford had a productive conversation about the economic relationship between the United States and Canada.

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.

In response, Ontario agreed to suspend its 25 per cent surcharge on exports of electricity to Michigan, New York and Minnesota.

As a reminder, this was not earth-shattering as Minnesota and Michigan imported about 1% of its power from Canada in 2024, and less than half of that came from Ontario, according to the region's grid operator, Midcontinent Independent System Operator. New York imported about 4.4% of its total electricity from the country in 2023, according to Bloomberg calculations.

The response in market was immediate with stocks ramping to the highs of the day...