Canada Ditches Trade Talks Amid 50% Tariffs on $28 Billion in Imports

Canadian Prime Minister Mark Carney announced that Ottawa will suspend trade negotiations with Washington after the US imposed a 50% tariff on nearly $28 billion worth of Canadian imports at midnight. The tariffs, which took effect at 12:01 AM ET, are in response to Canada's refusal to accept the US terms.

In a statement posted on X, Carney said that Canada will retaliate dollar-for-dollar by matching the $28 billion in levies to protect its workers and businesses. He emphasized that Ottawa had worked hard to defend Canadian interests throughout the negotiations but ultimately decided to suspend talks due to unfair and uneconomic US demands.

The Canadian Prime Minister claimed that Canada's economy is accelerating, with job creation at four times the rate of the United States. He also stated that exports to non-US markets are on track to double over the next decade, and foreign direct investment in Canada is at its highest level in two decades.