A crane moves a roll of coiled steel at a steel plant in Hamilton, Ontario. Photographer: James MacDonald/Bloomberg.

President Donald Trump dialed back his latest trade-war threat against Canada hours after making it, while downplaying the risk of a tariff-led recession that’s sent U.S. markets into a nosedive.

Trump’s roller-coaster day yesterday saw him threaten to double duties on Canadian steel and aluminum, to a tariff of 50 percent, after Ontario announced plans to place a surcharge on electricity sent to the United States, only to retreat back to plans for his previously announced 25 percent rate after the provincial government backed down.

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