Trade talks between the U.S. and Canada fell apart late Friday night, and both sides said steep new tariffs will go into effect. Why it matters: It's an unprecedented breakdown in relations with the second-largest U.S. trading partner. Catch up quick: Trump last month threatened to invoke Section 338 of the Tariff Act of 1930 to hit a slew of Canadian goods with additional 50% duties, including alcohol, hockey equipment, cement and dairy products. - No president has ever used Section 338 to impose tariffs since it became law in 1930. - The tariffs were scheduled to take effect at 12:01 a.m. ET Wednesday. The administration carved out key Canadian exports, including energy, potash and critical minerals, from the new tariffs. - On…
Trade talks between the U.S. and Canada fell apart late Friday night, and both sides said steep new tariffs will go into effect. Why it matters: It's an unprecedented breakdown in relations with the second-largest U.S. trading partner. Catch up quick: Trump last month threatened to invoke Section 338 of the Tariff Act of 1930 to hit a slew of Canadian goods with additional 50% duties, including alcohol, hockey equipment, cement and dairy products. - No president has ever used Section 338 to impose tariffs since it became law in 1930. - The tariffs were scheduled to take effect at 12:01 a.m. ET Wednesday. The administration carved out key Canadian exports, including energy, potash and critical minerals, from the new tariffs. - On…Open
The United States imposed 50% tariffs on $20 billion worth of Canadian products early Saturday, and Canada immediately said it would retaliate, after last-ditch negotiations failed.
The United States imposed 50% tariffs on $20 billion worth of Canadian products early Saturday, and Canada immediately said it would retaliate, after last-ditch negotiations failed.Open
Mark Carney suspended talks and will take out retaliatory tariffs against the United States after days of negotiations to stave off new levies by the Trump administration ended in an impasse.