economy
U.S. set to impose 50% tariffs on Canada after failed talks; Canada to match them "dollar for dollar"
Updated on: August 22, 2026 / 2:17 AM EDT / CBS/AP
TL;DR
- The U.S. will impose 50% tariffs on $20 billion of Canadian products.
- Canada will retaliate with matching "dollar for dollar" tariffs.
- Trade negotiations failed due to disagreements over concessions on existing U.S. tariffs.
- Canada blamed the U.S. for the breakdown, citing unfair and uneconomic last-minute changes.
- President Trump's tariffs will affect approximately 5% of annual Canadian shipments to the U.S.
- This escalation exacerbates an existing trade fight between the two nations.
- Previous deadlines were extended to allow for continued talks, but an agreement was not reached.