US-Canada trade talks collapse, triggering Trump’s 50% tariffs
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AN AGREEMENT between the US and Canada to avert a fresh round of tariffs fell apart at the last minute, meaning the Trump administration will impose a 50 per cent import tax on billions of dollars in Canadian goods.
New tariffs will kick in at 12.01 am on Saturday (Aug 22) on hundreds of items the US buys from Canada, such as plywood, liquor, electrical equipment and hockey gear.
US and Canadian officials have been locked in discussions for weeks and came up with a draft deal that included lowering tariffs on certain Canadian steel and aluminum to 25 per cent and cutting duties on Canadian autos to 15 per cent. BLOOMBERG
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