Forex
Canadian Dollar Tumbles Amid Escalating Trade Dispute with US
The Canadian dollar took a hit on Monday as tensions between Canada and the US escalated over trade. The US imposed 50% tariffs on $20 billion worth of Canadian imports, including dairy products, wine, wood, furniture, and cement.
Canadian Prime Minister Mark Carney vowed to respond 'dollar for dollar' with tariffs starting September 8, targeting US steel, dairy, agricultural equipment, paper, and electronics.
The Canadian dollar weakened against the US dollar by 0.58% at 8:00 AM ET, and also dropped against the euro, pound, and yen.
US Trade Representative Jamieson Greer said an agreement was close but Canada 'wanted more' than Washington was prepared to offer.