Free daily briefing on global business news.
New 50% U.S. tariffs began applying to a wide range of Canadian exports on Saturday. Canada has vowed to match the new levies dollar for dollar
President Donald Trump and Canadian Prime Minister Mark Carney.
Canadian Prime Minister Mark Carney suspended trade negotiations with the United States on Friday after talks failed, allowing 50% U.S. tariffs on roughly $20 billion worth of Canadian goods to take effect at midnight and pledging to match them dollar for dollar.
Carney said in a statement that despite meaningful progress in recent weeks, the outcome "has not been enough to meet our objectives for Canadians," and that "last-minute changes in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal." He added that Canada's negotiators had been directed to return to Ottawa.
