The U.S. imposed 50% tariffs on more than $20 billion worth of Canadian products early Saturday after recent negotiations between the G7 allies fell apart. In a post on X, U.S. Trade Representative Jamieson Greer said, "Canada declined to finalize the trade deal under the terms agreed earlier this week," adding that "new demands and walk backs of other commitments by Canada have upended the careful balance reached in the past days." Meantime, Canadian Prime Minister Mark Carney said his country is suspending trade negotiations with the U.S., adding that it would match the 50% tariffs dollar for dollar. LiveNOW's Alexandra Goldberg has more.
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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
