Canada Retaliates with Tariffs Amid Escalating Trade War

Canadian Prime Minister Mark Carney has taken a bold move in response to US President Donald Trump's tariffs on Canadian goods. In a retaliatory measure, Canada will impose tariffs ranging from 15% to 50% on about 700 US products, including steel and aluminum.

The new tariffs will take effect on September 8 and cover around $20 billion of US goods. This move is seen as a direct response to Trump's planned 50% tariffs on Canadian autos, trucks, auto parts, and steel.

Economist Peter Schiff criticized Carney's decision, stating that while it may be good politics for Canada, it would ultimately harm its economy. Schiff had previously warned that Trump's tariffs would hit American consumers hard, making goods 'vastly more expensive' to buy.