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The United States (US) imposed 50% tariffs on some Canadian products on Saturday after trade talks between the two countries fell apart on Friday. In response, Canadian Prime Minister Mark Carney said that the country would impose its own retaliatory tariffs beginning on September 8, CNBC reported.
US Trade Representative Jamieson Greer stated, “Canada declined to finalize the trade deal under the terms agreed earlier this week.” Meanwhile, Carney said in a statement released on Friday that despite working toward a deal, “that progress has not been enough to meet our objectives for Canadians,” saying that “last-minute changes in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal.”
Market reaction
At the time of writing, the USD/CAD pair is up 0.22% on the day at 1.3787.
