The U.S. and Canada failed to reach a trade deal, leading to the imposition of new tariffs:
- The tariffs affect approximately $20 billion worth of Canadian imports, including wine, furniture, dairy products, cement, clothing, fishing rods, and hockey equipment.
- Canadian Prime Minister Mark Carney stated that the country would retaliate "dollar for dollar" with tariffs starting on September 8.
The U.S. imposed 50% tariffs on some Canadian products on Saturday after trade talks between the two countries fell apart.
In response, Canada announced that it would impose its own retaliatory tariffs beginning on September 8.
Negotiators from both sides had been working towards a deal, but both sides blame each other for failing to reach an agreement.
Carney noted that U.S. demands had gone too far, while offers were too low.
He also highlighted that Canada was willing to drop its remaining retaliatory tariffs if the U.S. lowered its own.
Carney mentioned that the new tariffs would target various sectors, including steel, dairy, agricultural equipment, and paper.
