Canada Matches US Tariffs Dollar-for-Dollar in Retaliation

The US and Canada have collapsed trade talks, resulting in fresh 50% tariffs on Canadian goods. Canadian Prime Minister Mark Carney described the new tariffs as a 'miscalculation' that will hurt both countries. In response to the US tariffs, Canada plans to match them dollar-for-dollar starting September 8.

The breakdown in trade talks has sparked a trade war between the two nations. The new tariffs apply on top of existing US tariffs and cover around $20 billion of Canadian imports, or about 5% of the total.

Critics argue that the US tariffs will drive up consumer prices and disrupt the global economy. Carney said Canada was retaliating reluctantly to protect its own interests, with details of countermeasures expected in the coming days.