US imposes 50 per cent tariffs on USD 20 billion of Canadian goods, Canada vows retaliation

Canadian Prime Minister Mark Carney. PIC/X@CoinBureau

The United States imposed 50 per cent tariffs on $20 billion worth of Canadian products on early Saturday, and Canada immediately said it would retaliate, after last-ditch negotiations failed to resolve the latest strain in already tense relations between the two historic allies.

US President Donald Trump's import taxes will hit about 5 per cent of what Canada ships to the US every year, including products ranging from hockey sticks to tongue depressors. "Canada will match those tariffs dollar for dollar to protect our workers and businesses," said the Canadian Prime Minister Mark Carney. Canada will impose retaliatory tariffs on US goods beginning September 8.

US President Donald Trump's import taxes will hit about 5 per cent of what Canada ships to the US every year. PIC/ISTOCK

Canada sought concessions on tariffs on steel, aluminum, autos, and lumber that Washington was unwilling to provide, a senior Trump administration official told reporters under condition of anonymity.

"Tonight, Canada declined to finalise the trade deal under the terms agreed earlier this week. Despite the US offer to Canada to receive the best treatment of any major exporter to our market, new demands and walk-backs of other commitments by Canada have upended the careful balance reached in the past days," US Trade Representative Jamieson Greer said in a statement. No further talks are planned.

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