U.S., Canada fail to reach a tariff deal, deepen trade war
The United States and Canada failed to reach a trade deal late on Friday, and the U.S. said it would impose 50% tariffs on some imports from Canada, an escalation of tensions between the two long-time allies.
The United States and Canada failed to reach a trade deal, leading to the imposition of 50% tariffs on some Canadian imports. According to the New Straits Times, the tariffs affect around $20 billion of Canadian exports to the US. The US Trade Representative, Jamieson Greer, said Canada declined to finalize the trade deal under the terms agreed earlier in the week.
The breakdown in negotiations occurred on Friday night, with Canada's top negotiator, Dominic LeBlanc, stating that officials still had more work to do. The US had offered tariff reductions in sectors such as steel and aluminium in exchange for concessions from Canada.
In response to the US tariffs, Canada vowed to match them dollar for dollar to protect its workers and businesses, according to the New Straits Times. Canadian Prime Minister Mark Carney said the country was suspending trade negotiations and recalling its negotiating team to Ottawa, citing unfair last-minute changes to the US position. The tariffs took effect on Saturday at 12:01 a.m. Eastern time.
Brief written by urgent.news from CNBC World, New Straits Times, WSJ Economy, Global News, Winnipeg Free Press — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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