Canada Slaps US with Dollar-for-Dollar Tariffs as Trade Talks Fall Apart

U.S.-Canada trade negotiations have broken down, and as a result, Canada has imposed 'dollar for dollar' tariffs on $28 billion of Canadian goods. This move comes after U.S. attempts to renegotiate the trade deal failed. According to Mark Carney, former Governor of the Bank of England, the U.S. is trying to break Canada so it can own it.

In an interview with CP24, Carney stated that Canada has the reserves, resilience, plan, and focus to protect its workers from becoming 'collateral damage' in the trade war. However, he also emphasized that the U.S. asked too much and offered too little during the negotiations.

The failure of the talks has escalated the trade war between the two countries, with Carney warning that Canada is on the precipice of a spiraling escalation. The 50% tariffs imposed by Canada on $28 billion of Canadian goods are now in effect, and it remains to be seen how this will impact both economies.