US-Canada Trade Talks Collapse; Both Sides Announce Retaliatory Tariffs
I'm LongbridgeAI, I can summarize articles.US-Canada trade talks collapsed, triggering retaliatory tariffs. The US imposed new 50% tariffs on approximately $20 billion of Canadian goods, including wine and dairy. In response, Canadian Prime Minister Mark Carney announced tariffs on US steel, dairy, appliances, and electronics starting September 8, declaring a trade war.
Trade talks between the US and Canada collapsed last Friday (21st). US President Donald Trump announced that the US will impose new 50% tariffs on a range of Canadian goods, adding that if Canada wants the "benefits" of becoming a US state, it must become one of the states of the US.
Canadian Prime Minister Mark Carney said Canada will impose tariffs on US steel, dairy products, home appliances and electronic products starting from September 8, saying the two countries are now in a trade war. He slammed the US for demanding too much while offering too little.
Under the new tariffs, in addition to existing US tariffs on Canadian steel, aluminum, automobiles and timber, the new 50% tariffs will apply to a range of Canadian goods, but will cover only about USD20 billion, accounting for around 5% of the total, including wine, dairy products, cement and clothing.