The White House said 25% tariffs on steel and aluminum would take effect on Canada and other nations, as President Donald Trump backed off a threat to impose 50% duties on the largest U.S. trading partner’s metals.

“Pursuant to his previous executive orders, a 25 percent tariff on steel and aluminum with no exceptions or exemptions will go into effect for Canada and all of our other trading partners at midnight, March 12th,” White House spokesperson Kush Desai said in a statement.

Trump earlier Tuesday had suggested he would double the metal tariffs for Canada in retaliation for Ontario imposing a 25% surcharge on electricity sent to U.S. states. That threat launched a market slide, intensifying weeks of volatility, and ramping up the cloud of uncertainty hanging over major North American industries.

Ontario Premier Doug Ford and US Commerce Secretary Howard Lutnick, though, announced the Canadian province would suspend its plans to slap a surcharge on electricity exports to the US. The pair plan to meet Thursday in Washington.

Trump said on social media that the increase of the tariffs set to take effect on Wednesda.

He continued to call for Canada to become part of the U.S. “The only thing that makes sense is for Canada to become our cherished Fifty First State.”

Wall Street falls in a manic day

The U.S. stock market fell further Tuesday following President Trump’s latest escalation in his trade war, briefly pulling Wall Street 10% below its record set last month. The S&P 500 fell 0.8%, but only after careening between a modest gain and a tumble of 1.5%. At its bottom for the day, the index was more than 10% below its all-time high and on track for what Wall Street calls a “correction.”

Other indexes likewise swung sharply through the day. The Dow Jones Industrial Average lost 478 points, or 1.1%, and the Nasdaq composite ended up slipping 0.2%.

Helping to keep the market in check despite all the worries were several Big Tech stocks, which steadied a bit after getting walloped in recent months. Elon Musk’s Tesla rose 3.8%, for example, after Trump said he would buy a Tesla in a show of support for “Elon’s ‘baby.’ ”

Tesla’s sales and brand have been under pressure as Musk has led efforts in Washington to cut spending by the federal government. Tesla’s stock is down 42.9% for the young year so far.

Other Big Tech superstars, which had led the market to record after record in recent years, also held a bit firmer. Nvidia added 1.7% to trim its loss for the year so far to 19%.

Kohl’s, Dick’s add to retail worries

Kohl’s and Dick’s Sporting Goods added to the flood of companies raising concerns about the U.S. consumer.

Comparable sales at Kohl’s are expected to drop as much as 6% this year, far exceeding Wall Street’s projections. Dick’s also disappointed, with the low end of its sales forecast and earnings guidance trailing the average of analysts’ estimates.

They are the latest retailers to cast doubt on the strength of U.S. consumers. The softness has spanned from Walmart Inc. to Abercrombie & Fitch Co. as the sector contends with the uncertainty of President Donald Trump’s trade war and increasingly cautious shoppers.

Retailers including Target and Best Buy said they may have to raise prices because of Trump’s tariffs, warning of various degrees of uncertainty alongside Macy’s and Victoria’s Secret & Co.

Kohl’s stock sank as much as 19% in trading on Tuesday. Dick’s fell as much as 3.9%.

Compiled from Associated Press and Bloomberg reports.