Canada sets tariffs of up to 50% on U.S. steel and other goods after talks fail
The measure will hit U.S. exporters particularly hard in states such as Michigan and Ohio that will host heated races in November's midterm elections.
On Tuesday, Canada implemented tariffs ranging from 15% to 50% on numerous U.S. products, according to Canadian Prime Minister Mark Carney. The Canadian government aimed to bolster its negotiating stance with its largest trading partner, the United States. Carney's administration raised the import tax on multiple U.S. steel items from 25% to 50%, and imposed tariffs on a variety of consumer goods such as motorcycles, cosmetics, and cheese.
The new tariffs took effect at 12:01 a.m. New York time. This move is likely to impact U.S. exporters, particularly in states like Michigan and Ohio, which have significant trade ties with Canada and are in the midst of the November midterm elections.
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