US Tariffs Spark Trade War with Canada as Carney Declares 'We Got Attacked'

Canadian Prime Minister Mark Carney declared that the US has attacked Toronto with tariffs, escalating a trade war between the two nations.

The 50% US tariffs on $20 billion of Canadian goods took effect early Sunday morning and were authorized under Section 338 of the Tariff Act of 1930.

New levies will apply to products like dairy, wine, and furniture, bypassing prior exemptions for goods under the United States-Mexico-Canada Agreement (USMCA), which entered into force on July 1, 2020.

Carney, a former Governor of both the Bank of Canada and the Bank of England, stated that the US 'asked too much and offered too little' in negotiations.