Trade war enters new phase as Canada readies ‘dollar-for-dollar’ response
Canada was 'walking away from a bad deal,' Prime Minister Carney said in a statement, vowing 'dollar-for-dollar' tariffs in response to U.S. President Donald Trump’s levies.
Canada is preparing to retaliate against the United States' 50 percent tariffs on Canadian goods, which went into effect following the collapse of trade talks. Prime Minister Mark Carney and Quebec Premier Christine Frechette will address the issue in a noon Eastern press conference. Trump accused Canada of seeking the benefits of being a state without being one, adding that Canadian farmers have faced massive tariffs for years.
The Canadian Chamber of Commerce warned that the re-intensification of U.S. tariff threats could harm North American competitiveness. Canada's effective tariff rate will increase from three percent to six percent following the new tariffs, though it remains below the average U.S. tariff rate on imports from all countries.
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