US Tariffs on Canada Soar to 50%, Sparking Trade War Escalation

The United States is set to increase tariffs on Canadian goods to 50% starting January 1 next year, according to an announcement by President Trump. The move comes after a breakdown in trade talks between the two countries last week.

Trump criticized Canada, saying it was among the worst nations to deal with on trade and in other ways. 'They feel entitled, and yet, WE DON'T NEED CANADA, THEY NEED US! They do 95% of their business with the U.S., with us, the exact opposite!' he said.

The Trump tariffs have been a major highlight of the president's second term, causing market ripples on several occasions. Bitcoin briefly fell to around $78,200 after the announcement but has since recovered and is trading above the psychological $79,000 level.