Trump pledges to escalate economic war on Canada, saying annexation is "only thing that makes sense"

Trump says he is imposing another 25% tariff on steel and aluminum imported to Canada .

The increased taxes will go into effect on Wednesday , Trump said.

He said the increased taxes were a response to Ontario Premier Doug Ford imposing a 25% export tax on electricity to the United States .

Trump made no mention of fentanyl, which he and others have previously pointed to as a reason for an economic war on Canada .