Canada Walks Away from Tariff Talks, 50% U.S. Tariffs on Canadian Goods Now in Effect

U.S.-Canada trade talks collapsed on Friday night, leading to a 50% tariff on Canadian goods going into effect at midnight Saturday. The tariffs target roughly $28 billion of Canadian exports, including cement, hockey sticks, beer, and cheese.

Canadian Prime Minister Mark Carney walked away from the negotiations, stating that Canada would retaliate against the tariffs by matching them dollar for dollar to protect its workers and businesses.

U.S. Trade Representative Jamieson Greer countered that new demands and walk-backs of commitments by Canada had upended the balance reached in previous days, calling it a 'missed opportunity' for Canada to partner with the U.S., which is the fastest growing economy in the G7.