Canada suspends trade negotiations with USA and match tariffs dollar for dollar

Canada has suspended trade negotiations with the United States, responding to what it deems as unfair and uneconomic terms proposed by the US. The move comes as the U.S. plans to impose a 50% tariff on approximately $28 billion worth of Canadian goods. In a statement, Canada's new government stated that it will match these tariffs dollar for dollar to protect Canadian workers and businesses.

This decision follows previous progress made in enhancing Canada's position as having the best deal in the world with the U.S. However, last-minute changes in the US's proposed terms were deemed unfair and unreliable. The Canadian government has also announced additional measures to support Canadian workers and businesses, building on $25 billion in support provided over the past 18 months.

Despite this setback, Canada's economic strategy of building strength at home and diversifying partnerships abroad continues to yield results, with significant infrastructure projects and increased export markets. The government remains confident in Canada's economic growth, which is accelerating and on track to have one of the fastest growth rates in the G7.