Canada is rolling out a slate of retaliatory trade moves against the U.S. in response to Donald Trump’s latest tariffs after negotiations between the neighboring nations broke down in an escalating trade war.“Canada must respond,” Canadian Finance Minister François-Philippe Champagne said Tuesday.Canada, which imports roughly $272 billion in U.S. goods every year, will double its existing counter-tariffs on American steel and aluminum products to 50 percent, while new tariffs of 15, 25 and 50 percent will be applied to more than $27 billion worth of about 700 U.S. goods, including clothing, furniture, video game consoles and other electronics, among other goods.The measures are “proportionate, targeted and strategic,” designed to “match dollar for dollar, rate for rate” against Trump’s tariff agenda, Champagne said. The new levies are effective September 8.Canada’s new levies are “designed primarily to provide protection for Canadian industry impacted by American tariffs” and to “level the playing field” in the face of Trump’s trade war, he said. Officials have stressed that the retaliatory measures are intended to protect workers and industry, not collect revenue.President Donald Trump has waged a retaliatory trade war with Canadian Prime Minister Mark Carney, whose government announced new ‘targeted’ tariffs on hundreds of American goods to match US levies (AFP/Getty)The Trump administration’s 50 percent tariffs on many Canadian products went into effect Saturday after the president laid out last-minute “unfair” and “uneconomic” terms last week, according to Prime Minister Mark Carney.Trump, meanwhile, has told Canadian leaders to “fall in line” or face consequences “far WORSE” than already-imposed tariffs, including threatening new 50 percent tariffs on Canadian vehicles, auto parts and steel.Ontario Premier Doug Ford unleashed his own vitriol, telling Trump to “kiss my as**.”“We’re going to go at him full steam,” he said Monday.Trump responded in a social media post by attacking Ford personally, calling him “the less charismatic, intelligent, and overall unimpressive brother of the late, great, Rob Ford.”“If you think an insult from him hurts me? Well, bring it on, buddy, I’m ready,” Ford replied.On Tuesday morning, hours before Canadian officials unveiled new tariffs, Trump threatened to rename Lake Ontario to “Lake America.”This is a developing story