What to know about Trump's 50% tariffs on Canadian goods that just went into effect

US President Donald Trump's 50% tariffs on Canadian goods have come into effect. The new levies are expected to affect about 5% of Canada's annual exports to the US, worth around $20 billion. The tariffs will apply to a range of goods, including hockey sticks and agricultural products.

Canada's Prime Minister Mark Carney has responded by promising "dollar-for-dollar" retaliatory measures, which will take effect on September 8. According to KahawaTungu, Carney described the US tariffs as a "miscalculation" designed to "hurt and divide us". He also stated that Canada will not compromise its sovereignty.

The trade dispute between the two countries has escalated into a trade war, with experts warning that steeper tariffs will raise costs for businesses and lead to higher prices for households. The Associated Press reports that nearly all industries and professions are likely to see downstream effects from this trade dispute.

Brief written by urgent.news from PBS NewsHour, KahawaTungu, Associated Press, Winnipeg Free Press, WSJ Economy — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.