US Slaps 50% Tariffs on $20B in Canadian Imports

The US has imposed 50% tariffs on around $20 billion worth of Canadian imports. These tariffs cover products like dairy, wine, and wood goods.

This move comes after trade talks between the two countries broke down. As a result, the Canadian dollar has taken a hit against the US dollar and other major currencies.

In response to these tariffs, Canadian Prime Minister Mark Carney vowed to retaliate with equivalent tariffs starting September 8. These new tariffs will target sectors such as steel and agriculture.