Canada's Currency Falls as Tariff Fight Escalates
Canada's currency fell by roughly half a percent against the US dollar on Monday after Washington imposed tariffs on $20 billion in Canadian imports.
The move was a response to Canada's plan to retaliate with its own tariffs, set to take effect on September 8.
Canadian Prime Minister Justin Trudeau described the new tariffs as 'a miscalculation' and said that Washington had asked too much while offering too little in return.
The US Trade Representative, Jamieson Greer, blamed Ottawa for the collapse of talks, saying Canada changed its position after agreeing to terms earlier in the week.
Canada is preparing for a potential long-term trade dispute and has promised financial support for affected businesses, including beyond the current US administration if necessary.