What To Watch For
Canadian Prime Minister Mark Carney said Saturday Canada will enact dollar-for-dollar tariffs against the U.S. starting Sept. 8. Sectors targeted by those tariffs include steel, agriculture, dairy and electronics, according to Carney.
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Key Background
The broader trade war between the U.S. and Canada is rooted in Trump’s “Liberation Day” tariffs announced last year, when a 25% universal tariff was placed against Canada and Mexico. However, Trump briefly exempted the majority of trade by delaying penalties for goods compliant with the United States-Mexico-Canada Agreement. The Trump administration declined to renew the deal during a joint review in July, opting against a 16-year extension over concerns it would not rebalance trade deficits or improve manufacturing jobs in the U.S. The trade war reached a fever pitch this month as U.S.-Canada trade talks failed last Friday. Following the collapse of negotiations, the Trump administration imposed 50% tariffs on some Canadian products and impacted roughly $20 billion in Canadian exports, according to CNBC. Carney then announced Canada’s dollar-for-dollar tariffs, telling reporters Saturday, “You’re at war when you get attacked. We got attacked.”
Further Reading
Trump And Canada In Trade ‘War’: How Hockey Sticks, Puzzles And Wigs Played A Role (Forbes)
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Canada Says Retaliatory Tariffs Start Next Month—After ‘Unfair’ Negotiations Fell Through (Forbes)
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