Market Flux Event
Canada Hits US With Dollar-for-Dollar Retaliatory Tariffs on $20 Billion of Goods After Trade Talks Collapse
Canada on Tuesday announced retaliatory tariffs covering more than 700 American products worth approximately $19.94 billion, matching what Finance Minister Francois-Philippe Champagne described as a dollar-for-dollar, rate-for-rate response to the 50% duties President Donald Trump imposed on Canadian goods over the weekend. The new Canadian levies range from 15% to 50% and cover a wide array of US exports including steel, where Canada doubled its existing tariff from 25% to 50%, as well as dairy products, appliances, farm equipment, seafood, furniture, smartphones, cosmetics, clothing, and toilet paper. Ottawa also announced financial support measures for Canadian businesses and workers affected by the escalating dispute.
The breakdown follows the collapse of trade negotiations late last week, after the Trump administration presented demands that Prime Minister Mark Carney deemed unfair and uneconomic. Canadian negotiators left the US without a deal, and Trump's 50% tariffs took effect on August 22. Trade Minister Dominic LeBlanc said Canada still believes a mutually beneficial deal is possible but would not wait passively, telling CNBC, 'We're not waiting by the phone.' Carney accused Washington of trying to subordinate Canada and destroy its major industries, while Champagne called the situation an unprecedented challenge.
Trump, for his part, posted on Truth Social that Canada is 'easily the most difficult and unreasonable' country he deals with, and separately threatened additional tariffs while floating the idea of renaming Lake Ontario to Lake America. Trump has shown no sign of softening his position despite Republican concerns that the tariff standoff and a separate beef import plan could hurt the party in midterm elections.
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Sources
- InvestingCanada to announce retaliatory tariffs on US goods today
- ThehillCanada expected to announce retaliatory tariffs on Tuesday
- CNBCCanada poised to retaliate against Trump tariffs: 'We're not waiting by the phone'
- 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 Based on my very good relationship with Kim Jong Un, of North Korea, I was not happy with the fact that the United States had, long ago, agreed to participate in Joint Military Exercises with South Korea. These exercises are not only costly, with much of these costs paid for by the United States of America (as usual!), but send a signal that is totally inappropriate and hostile, to a Country that, as long as Donald J. Trump has been President, has been unthreatening and respectful. Therefore, and based on the fact that it was too late to cancel, I instructed Secretary of War, Pete Hegseth, to substantially reduce the Joint Military Exercises! While somewhat unrelated (?), I recently asked the President of South Korea if they would like to join us in the Denuclearization of the Islamic Republic of Iran, and they said, “No thanks!” Thank you for your attention to this matter. President DONALD J. TRUMP
- MarketRebelsTrump on Canada : "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"
- FaststocknewssUS AUGUST CONSUMER CONFIDENCE FALLS TO 89.4, MISSES - Index: 89.4 vs 90.1 consensus - July revised down to 90.2 from 90.8
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- ZerohedgeConsumer Confidence 89.4, Exp 90.2, Last 90.2 Present conditions 121.2, Exp. 114.7 Expectations 68.2, Exp. 74.2
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- DeItaone*CANADA PUTS 15% TO 50% TARIFFS ON ABOUT $20B OF US PRODUCTS
- BloombergCarney Matches Trump Tariffs With 50% Tax on US Furniture, Steel
- WallstengineCANADA HIKES TARIFFS ON ~$20B OF U.S. GOODS, DOUBLES STEEL TARIFFS TO 50%
- 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.
- APBREAKING: Canada will impose retaliatory tariffs on more than 700 U.S. goods, including steel and appliances, as the trade war escalates.
- news.sky.comCanada announces retaliatory tariffs - as trade war with US heats up
- BusinessUS consumer confidence fell in August on worsening views about the outlook for business conditions and the labor market
- AJENewsBREAKING: Canada has announced counter-tariffs on US goods ranging from 15% to 50%, as the trade war between the two countries intensifies. More on
- 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
- CointelegraphBIG: Canada announces 50% retaliatory tariffs on $20B of U.S. imports. “Canada will match the U.S. tariffs, dollar for dollar, rate for rate.”
- Unusual_WhalesBREAKING: Canada to impose retaliatory tariffs of up to 50% on $20 billion of U.S. goods including steel, appliances and dairy products
- forbes.comTrump Considers Renaming Lake Ontario ‘Lake America' As Canada Trade Fight Deepens
- Cablefxmacro*CANADA ANNOUNCES COUNTER TARIFFS ON THE U.S. COVERING $20 BLN OF PRODUCTS
- Seeking AlphaCanada plays tariff tit-for-tat with Trump