economy
As U.S.-Canada trade talks collapse, Carney says retaliatory tariffs will start Sept. 8
New 50% Trump administration tariffs on some Canadian exports went into place after the U.S. and Canada failed to reach a deal on Friday.
TL;DR
- The U.S. imposed 50% tariffs on some Canadian products on Saturday after trade talks collapsed on Friday.
- Canada will respond with its own retaliatory tariffs starting September 8.
- Both sides blame each other for failing to reach a deal, impacting roughly $20 billion in Canadian exports.
- Canadian Prime Minister Mark Carney cited unfair and uneconomic last-minute changes by the U.S.
- U.S. Trade Representative Jamieson Greer stated Canada declined to finalize the deal.
- Politicians and business leaders, including Senator Chuck Schumer and Business Roundtable CEO Joshua Bolten, have criticized the U.S. tariffs.
- The tariffs were enacted under Section 338 of the Tariff Act of 1930.
- This failure adds complication to the tense relationship between the U.S. and Canada, following issues with the USMCA trade pact.