Market Flux Event
Canada Fires Back With $20 Billion in Retaliatory Tariffs After US Imposes 50% Duties
Canada announced retaliatory tariffs on Tuesday covering more than 700 American goods worth approximately $20 billion, matching what Trade Minister Dominic LeBlanc described as a dollar-for-dollar response to the 50% duties President Trump imposed on Canadian goods after trade negotiations collapsed Friday. The Canadian measures target a broad range of US products including steel, dairy, appliances, farm equipment, seafood, clothing, cosmetics, and toilet paper, with some items facing duties as high as 50%. Talks had appeared close to a deal last week before breaking down after the Trump administration presented demands that Prime Minister Mark Carney called unfair and uneconomic, with the US tariffs taking effect the following day.
Finance Minister Francois-Philippe Champagne described the situation as an unprecedented challenge, while Carney accused Washington of trying to subordinate Canada and destroy its major industries. LeBlanc told CNBC that Canada still believes a mutually beneficial deal is possible but would not wait for one, saying the country is not waiting by the phone. Trump showed no sign of backing down, posting on Truth Social that Canada is easily the most difficult and unreasonable country he deals with and threatening further tariffs, even as Republican lawmakers warned the standoff could hurt the party in midterm races.
Trump also floated renaming Lake Ontario to Lake America amid the escalating dispute.
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Sources
- ReutersTrump threatens to change the name of Lake Ontario to Lake America amid Canada trade war
- BNNBloomberg‘I love French Canadians!’ Trump says as he considers renaming Lake Ontario to ‘Lake America’. Follow for live updates.
- FirstSquawkTRUMP ON TRUTH SOCIAL: Canada has been “Ripping Off” the U.S.A. for decades. They have been charging our Farmers 400% Tariffs, and more. They have driven many wonderful U.S. companies out of business. For 10 years they wouldn’t certify Gulfstream Jets, until I got involved. They wanted 100% of the market for Gulfstream’s Canadian competitor. I deal with many countries, and Canada is easily the most difficult and unreasonable. They feel entitled, but they are not a State, and will be entitled no longer! President DJT
- ThehillTrump eyes changing Lake Ontario name amid trade war with Canada
- CNBCCanada is poised to announce new tariffs on U.S. goods Tuesday in retaliation for the 50% duties that President Donald Trump imposed after a breakdown in trade talks, Canadian trade minister Dominic LeBlanc told CNBC. “Our preference was to find a deal that benefits both countries,” he said. “We still believe that’s possible. But in the meantime, we’re not waiting by the phone.”
- SemaforTrump isn’t budging in the face of Republican pushback over his Canada tariffs and beef import plan, even as the two key issues threaten to impact races for his party in the midterms. The US president is instead threatening more tariffs on Canada.
- ForbesTrump Considers Renaming Lake Ontario ‘Lake America’ As Canada Trade Fight Deepens
- MarketsdayCanada has hit back at the US with retaliatory tariffs on around $20 billion worth of American goods, including steel, dairy products, appliances, farm equipment, seafood, clothing, cosmetics and toilet paper. Some products will face duties as high as 50%. The move comes after the Trump administration imposed 50% tariffs on Canadian goods following the collapse of trade negotiations. Canada’s Finance Minister François-Philippe Champagne called it an “unprecedented challenge”, while PM Mark Carney accused Washington of trying to subordinate Canada and “destroy our major industries”. #Canada #US #DonaldTrump #TrumpTariffs #TradeWar #USCanada