Canadian Prime Minister Mark Carney said on Saturday that Canada will impose tariffs on certain U.S. imports in response to new 50% tariffs imposed by U.S. President Donald Trump, following the collapse of trade talks between the two neighboring nations.
The tariffs on U.S. imports, which include steel and electronics and are set to take effect on September 8, mark a further deterioration in relations between the long-standing trading partners and allies. The two countries failed to reach a trade agreement late Friday, with each side blaming the other for sabotaging three days of intense negotiations. This collapse complicates the future of the United States-Mexico-Canada Agreement (USMCA).
Trump’s new tariffs target a wide range of sectors, including wine, furniture, dairy products, cement, clothing, fishing gear, and hockey equipment, covering approximately $20 billion worth of Canadian exports across the southern border. These tariffs grant no exemptions for Canadian products under the USMCA, which had shielded most Canadian exports to the United States over the past 18 months.
Source: New York Times