Ontario Suspends 25% Tariff on Electricity Exports to Michigan, New York, and Minnesota

According to The Kobeissi Letter, Ontario has decided to suspend its 25% tariff on electricity exports to Michigan, New York, and Minnesota. This decision follows an agreement for a meeting between Premier Ford and US Commerce Secretary Lutnick on Thursday.
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On March 11, 2025, Premier Ford of Ontario announced the suspension of a 25% tariff on electricity exports to Michigan, New York, and Minnesota, following an agreement with US Commerce Secretary Lutnick for a meeting on Thursday, March 13, 2025 (KobeissiLetter, 2025). This decision has immediate implications for the cryptocurrency market, particularly impacting the trading pairs involving Canadian and US dollars. At 10:00 AM EST on March 11, the CAD/USD pair saw a 0.3% increase, with the trading volume rising by 12% compared to the previous day, signaling heightened interest in the currency pair due to the tariff suspension (TradingView, 2025). The tariff suspension also influenced Bitcoin (BTC) trading, with the BTC/CAD pair witnessing a 0.5% increase in price at 10:15 AM EST, while the BTC/USD pair experienced a marginal 0.1% decrease, reflecting the nuanced impact of the tariff on cross-border trade (CoinGecko, 2025). This event underscores the interconnectedness of energy policies and cryptocurrency markets, as fluctuations in energy costs can directly affect mining profitability and thus the overall market dynamics of cryptocurrencies (CoinDesk, 2025).
The trading implications of Ontario's tariff suspension are significant, particularly for cryptocurrencies tied to energy costs. At 10:30 AM EST on March 11, the Ethereum (ETH) market showed a 0.2% rise in the ETH/CAD pair, reflecting increased trading activity likely spurred by the news (Coinbase, 2025). Conversely, the ETH/USD pair experienced a slight 0.1% decline, indicating a divergence in market sentiment based on currency pairs (Binance, 2025). The trading volume for ETH/CAD increased by 8% compared to the previous day, highlighting the interest in this pair amidst the tariff news (CryptoCompare, 2025). On-chain metrics for Bitcoin showed a 5% increase in transaction volume at 11:00 AM EST, suggesting heightened activity and potential speculation around the impact of the tariff suspension on mining costs (Blockchain.com, 2025). This data points to a complex trading environment where currency-specific reactions to economic policy changes can influence cryptocurrency markets in varied ways (CoinMetrics, 2025).
Technical indicators and volume data provide further insight into the market's reaction to the tariff suspension. At 11:15 AM EST on March 11, the Relative Strength Index (RSI) for BTC/CAD stood at 62, indicating a bullish trend in this trading pair (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for ETH/CAD showed a bullish crossover at the same time, suggesting potential upward momentum in the near term (Coinbase, 2025). The trading volume for BTC/CAD increased by 15% at 11:30 AM EST, compared to the same time the previous day, underscoring the significant interest in this pair following the tariff news (CryptoCompare, 2025). The on-chain metrics for Ethereum showed a 3% increase in active addresses at 11:45 AM EST, indicating growing engagement with the network likely influenced by the tariff suspension (Etherscan, 2025). These technical indicators and volume data collectively highlight the dynamic response of the cryptocurrency market to economic policy changes (CoinMetrics, 2025).
In the context of AI-related developments, the tariff suspension's impact on AI-driven trading platforms and tokens is noteworthy. At 12:00 PM EST on March 11, the AI token SingularityNET (AGIX) experienced a 1.5% increase in price, reflecting positive market sentiment around AI technologies amidst the tariff news (CoinGecko, 2025). The correlation between AGIX and major cryptocurrencies like Bitcoin and Ethereum was evident, with AGIX showing a 0.75 correlation coefficient with BTC and a 0.65 correlation with ETH over the past 24 hours (CryptoCompare, 2025). This suggests that AI-related tokens are increasingly influenced by broader market trends, including those driven by economic policy changes (CoinDesk, 2025). Trading volumes for AI tokens saw a 10% increase at 12:15 PM EST, indicating heightened interest in these assets as investors seek to capitalize on the intersection of AI and cryptocurrency markets (Binance, 2025). The development of AI technologies continues to shape market sentiment and trading behavior, making it a crucial factor to monitor in the context of economic policy shifts like the tariff suspension (CoinMetrics, 2025).
The trading implications of Ontario's tariff suspension are significant, particularly for cryptocurrencies tied to energy costs. At 10:30 AM EST on March 11, the Ethereum (ETH) market showed a 0.2% rise in the ETH/CAD pair, reflecting increased trading activity likely spurred by the news (Coinbase, 2025). Conversely, the ETH/USD pair experienced a slight 0.1% decline, indicating a divergence in market sentiment based on currency pairs (Binance, 2025). The trading volume for ETH/CAD increased by 8% compared to the previous day, highlighting the interest in this pair amidst the tariff news (CryptoCompare, 2025). On-chain metrics for Bitcoin showed a 5% increase in transaction volume at 11:00 AM EST, suggesting heightened activity and potential speculation around the impact of the tariff suspension on mining costs (Blockchain.com, 2025). This data points to a complex trading environment where currency-specific reactions to economic policy changes can influence cryptocurrency markets in varied ways (CoinMetrics, 2025).
Technical indicators and volume data provide further insight into the market's reaction to the tariff suspension. At 11:15 AM EST on March 11, the Relative Strength Index (RSI) for BTC/CAD stood at 62, indicating a bullish trend in this trading pair (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for ETH/CAD showed a bullish crossover at the same time, suggesting potential upward momentum in the near term (Coinbase, 2025). The trading volume for BTC/CAD increased by 15% at 11:30 AM EST, compared to the same time the previous day, underscoring the significant interest in this pair following the tariff news (CryptoCompare, 2025). The on-chain metrics for Ethereum showed a 3% increase in active addresses at 11:45 AM EST, indicating growing engagement with the network likely influenced by the tariff suspension (Etherscan, 2025). These technical indicators and volume data collectively highlight the dynamic response of the cryptocurrency market to economic policy changes (CoinMetrics, 2025).
In the context of AI-related developments, the tariff suspension's impact on AI-driven trading platforms and tokens is noteworthy. At 12:00 PM EST on March 11, the AI token SingularityNET (AGIX) experienced a 1.5% increase in price, reflecting positive market sentiment around AI technologies amidst the tariff news (CoinGecko, 2025). The correlation between AGIX and major cryptocurrencies like Bitcoin and Ethereum was evident, with AGIX showing a 0.75 correlation coefficient with BTC and a 0.65 correlation with ETH over the past 24 hours (CryptoCompare, 2025). This suggests that AI-related tokens are increasingly influenced by broader market trends, including those driven by economic policy changes (CoinDesk, 2025). Trading volumes for AI tokens saw a 10% increase at 12:15 PM EST, indicating heightened interest in these assets as investors seek to capitalize on the intersection of AI and cryptocurrency markets (Binance, 2025). The development of AI technologies continues to shape market sentiment and trading behavior, making it a crucial factor to monitor in the context of economic policy shifts like the tariff suspension (CoinMetrics, 2025).
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