U.S., Canada Trade Talks Collapse as 50% Tariffs Take Effect
Xinhua · 2 SOURCESabout 1 hour ago1 MIN
Summary
The United States and Canada failed to reach a trade agreement on Friday, with Washington moving to impose 50-percent tariffs on approximately $20 billion worth of Canadian goods starting Saturday. Canadian Prime Minister Mark Carney announced that Canada would retaliate dollar for dollar and suspended all trade negotiations, recalling negotiators to Ottawa.
Key Points
- The United States imposed 50-percent tariffs on approximately $20 billion worth of Canadian goods that took effect just after midnight Saturday . Canadian Prime Minister Mark Carney said Canada will match those tariffs dollar for dollar to protect workers and businesses . Carney announced the suspension of trade negotiations with the United States and recalled Canadian negotiators to Ottawa . Dominic LeBlanc, Canada's Minister for Trade, held three straight days of talks in Washington with U.S. Trade Representative Jamieson Greer . U.S. President Donald Trump signed three proclamations on July 20 to impose the additional tariffs in response to Canada's alleged discriminatory treatment of American products .
Why It Matters
The collapse of trade talks marks a significant deterioration in U.S.-Canada relations, with both economies now facing heightened trade barriers that could disrupt cross-border supply chains and increase costs for businesses and consumers on both sides of the border .
The collapse of trade talks marks a significant deterioration in U.S.-Canada relations, with both economies now facing heightened trade barriers that could disrupt cross-border supply chains and increase costs for businesses and consumers on both sides of the border .