The US has reversed its plan to double tariffs on steel and aluminum from Canada to 50%, after the Canadian province of Ontario dropped its threat to impose tariffs on electricity exports to three US states. The back-and-forth between the US and Canada is unsettling financial markets and affecting industries on both sides of the border. CGTN's Dan Williams has more from Toronto.

At a vast conference center on the outskirts of Toronto, hundreds of RVs or recreational vehicles, are being examined by thousands of visitors. This is Canada's largest RV show. This year, the show takes place against a backdrop of potentially devastating US-Canada tariffs. When tariffs were first due to be implemented in early February, before a 30-day pause was announced, RV companies were quick to act. 

ANDREW THOMSON Owner, Can-Am RV Center "We canceled about three million in orders at that time. On the Monday morning, we canceled everything that we weren't going to get by February 21 and then put them all back in again."

Andrew Thomson is the owner of Can-Am RV. He says, for now, companies are looking to work around the issue.

ANDREW THOMSON Owner, Can-Am RV Center "We're telling customers that, you know, if the tariffs do come in, you don't have to take your order. We're going to refund your deposit. And manufacturers, we've told them up front, you know, if the tariffs come in, we're not going to take any of these."

The RV business in Canada is significant. Last year, the United States shipped almost thirty thousand units to Canada, worth an estimated retail value of $1.7 billion dollars.

DAN WILLIAMS Toronto "Although the RV industry is at the mercy of tariffs, other industries could be in for a potential boost. The Canadian tourism sector is expecting a bumper year ahead as many Canadians decide to either stay on this side of the border or seek other alternatives."

Part of that is fueled by the drop in the value of the Canadian dollar, while some cite more patriotic reasons.

ALEXANDRA ANDERSON Executive Director, Camping in Ontario "We're hoping for a very, very solid summer, and we believe that we will have a very good summer. We're hearing a lot about, I'm staying home this summer. We're not traveling. We're going to explore our country. And which is, which is great."

That view is echoed across the exhibition hall.

"I feel like myself, I don't want to travel to the states right now just because of the tariffs. Actually, going to Europe or Mexico or somewhere is fine. But, you know, we do stay in Canada. We do a lot of the camping."

"I think a lot of people are looking at cost of the dollar, everything else, and staying in Canada seems to make much more sense."

The threat of tariffs has created uncertainty across many industries, but most here are already making contingency plans. 

Dan Williams, CGTN, Toronto.