Canada Hits Back with $20 Billion in Retaliatory Tariffs
Canada has retaliated against the US in a deepening trade war between the two nations. Canadian Prime Minister Mark Carney announced on Saturday that his country would impose tariffs on $20 billion worth of US goods, affecting about 5.5% of Canada's exports to the US.
The new tariffs will target the US steel and dairy industries, with a focus on products such as cement and hockey sticks. They are set to take effect on September 8.
Carney stated that Canada cannot accept the terms offered by the US, calling them 'uneconomic' and 'unfair'. He also emphasized that Canada has been seeking relief from tariffs imposed by the US on autos, steel, and aluminum, which have had a significant impact on the country's economy.
The breakdown in negotiations comes after Canadian negotiators walked away from talks in Washington on Friday. The US had proposed reducing its tariffs on certain products, but Canada deemed the offer unacceptable.