Canada Suspends US Trade Talks Amid Retaliatory Tariffs

Trade negotiations between the US and Canada have collapsed, prompting Ottawa to suspend talks and impose retaliatory tariffs. According to Canadian Prime Minister Mark Carney, Washington's last-minute demands were 'unfair and uneconomic'. The US has imposed a 50% tariff on $28 billion worth of Canadian imports.

Carney stated that Canada will match the $28 billion in levies to protect its workers and businesses. Ottawa will also introduce additional measures to support Canadian companies, building on the nearly $25 billion in support provided over the past 18 months.

The Canadian Prime Minister emphasized that the government's economic strategy is focused on strengthening the domestic economy and diversifying partnerships abroad. Canada aims to double market access for its businesses by the end of this year, with existing free trade deals providing preferential access to 1.5 billion consumers.