Canadian Prime Minister Mark Carney announced plans for retaliatory tariffs against American exporters, set to take effect on September 8. This decision follows the collapse of trade negotiations between Canada and the U.S. Carney stated that the tariffs are a response to the U.S. imposing 50% tariffs on Canadian goods, which is expected to impact approximately $28 billion worth of products. The retaliatory measures will target various industries, including steel, dairy, and electronics, and will match the U.S. tariffs dollar for dollar.
Carney expressed that the decision was made reluctantly, acknowledging that it may raise costs and reduce choices for Canadians. He emphasized the importance of protecting Canadian industries and workers. U.S. Trade Representative Jamieson Greer indicated that the U.S. does not plan to resume talks with Canada and noted that Canada and China are the only countries currently implementing retaliatory tariffs against the U.S. The U.S. tariffs on Canadian goods took effect at midnight on Saturday.