Canada announces tariffs on $20bn worth of US goods

Canada has said it will impose new tariffs on US imports as a trade war between the neighbours heats up. The Canadian government said the counter-tariffs take effect from 8 September on what it said was $20bn (£17.1bn) worth of US goods. It will impose duties of 15%, 25% and 50% across 700 products, including steel and appliances, imported from south of the border, to match dollar-for-dollar new duties imposed by Washington.Money blog: best and worst professions for car insuranceEveryday items like seafood, cheese, clothing, cosmetics and toilet paper will be impacted as one of the world's largest trading relationships is hit. Vital manufacturing components: steel and aluminium will see their tariff rate double from 25% to 50%.It comes after talks broke down between the sides last week, and the Trump administration implemented planned tariff increases on Canadian goods on Saturday, including alcohol, wood products and clothes. Further tariff hikes on steel, cars and car parts were announced by Mr Trump on Monday, due to be introduced in January.The impositions are likely to be costly for businesses and consumers in both the US and Canada, making goods cost more and sparking a round...