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US imposes 50% tariffs on US$20 billion of Canadian goods
The tariffs target about 5% of Canada’s annual exports to the US, with Canada saying it will retaliate dollar for dollar and the dispute now threatens a US-Canada-Mexico trade pact.
The United States has imposed 50% tariffs on US$20 billion worth of Canadian products after last-ditch negotiations failed, prompting immediate retaliation from Canada, according to the SCMP Economy.
Canadian Prime Minister Mark Carney said Canada will match the tariffs dollar for dollar to protect workers and businesses, while the US move is expected to hit about 5% of what Canada ships to the United States each year, including items such as hockey sticks and tongue depressors.
The tariff escalation, as described by the outlet, further strains already tense ties between the historic allies and raises questions about the future of a North American trade pact between the US, Canada and Mexico that is important to industry across all three countries.
Canada sought concessions on US tariffs affecting steel, aluminium, vehicles and timber, but a senior Trump administration official said the US was unwilling to provide them, while US trade representative Jamieson Greer said Canada declined to finalize a deal under the earlier terms due to new demands and walk-backs of commitments.