Loonie Falls as US Imposes Tariffs on Canadian Goods

The Canadian dollar fell against the US dollar in late-morning trading on August 24, 2026, as the US imposed 50% tariffs on around $28 billion worth of Canadian goods. This move came after trade talks between Canada and the US broke down on Friday night.

President Donald Trump also threatened to impose even more tariffs on vehicles, auto parts, and steel. The Canadian dollar traded for 72.27 cents US compared to 72.67 cents US on Friday.

The imposition of tariffs is expected to have a significant impact on the Canadian economy, with many businesses already feeling the effects of the previous rounds of tariffs.