Canada hits US with retaliatory tariffs

Prime Minister Mark Carney previously vowed to match Donald Trump’s tariffs “dollar for dollar” The Canadian government has announced that it will impose retaliatory tariffs of up to 50% on around 700 American products, after US President Donald Trump hit Canada with a round of tariffs and threatened further increases. American steel and aluminum will be tariffed at 50%, according to a statement on the Canadian Finance Department’s website, while other goods – including dairy products, appliances, and farm equipment – will face tariffs of 25%. The measures will cover around $20 billion in US imports, and will come into effect on September 8, the statement added.“Canada will match the United States’ tariffs dollar for dollar, rate for rate,” Finance Minister Francois-Philippe Champagne said at a press conference on Tuesday. The tariffs, he added “are designed primarily to provide protection for Canadian industry impacted by US tariffs.”Trade talks between the US and Canada collapsed on Friday, with both sides accusing the other of making last-minute changes to a proposed comprehensive trade agreement. Trump immediately imposed 50% tariffs on $20 billion worth of Canadian imports, in...