Canada to hit back with retaliatory tariffs after US trade talks fail
The trade standoff between Ottawa and Washington has escalated as Canada announced tariffs on US products. The move comes in response to the US saying that tariffs would follow the collapse of talks.
Canada announced on Saturday that it would impose retaliatory tariffs on US products starting September 8 in response to the US imposing a 50% tariff on Canadian goods earlier the same day. This move comes after weeks of failing to reach a trade deal between the two nations. Prime Minister Mark Carney stated that Canada would match the new tariffs dollar for dollar to protect its workers, farmers, families, and businesses.
The retaliatory tariffs will affect a variety of US exports to Canada, including steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, representing approximately $20 billion in Canadian exports. Carney emphasized that Canada cannot accept the US's offer and will not give what it has asked for. He described the situation as a "trade war" and highlighted Canada's reserves, resilience, and preparedness to respond.
No further talks were planned between the two nations, marking a significant shift from the positive relations between the countries in the past.
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