Canadian Dollar Slides as US Tariff Fight Threatens to Drag On
The loonie weakened about 0.5% as Ottawa prepared retaliation on $20 billion in U.S. imports and trade talks collapsed.
- The Canadian dollar fell 0.55% Monday morning after trade talks between Ottawa and Washington collapsed Friday, prompting the U.S. to impose 50% tariffs on around $20 billion in Canadian imports Saturday.
- President Donald Trump claimed the two countries had a "DEAL" on Tuesday and gave negotiators three additional days, but talks deteriorated when the U.S. "asked too much and offered too little," according to Prime Minister Mark Carney.
- Carney announced Canada will retaliate "dollar for dollar" with tariffs beginning Sept. 8, targeting steel, dairy, agricultural equipment, paper, and electronics, with additional details to be released "in the coming days."
- Imposed under Section 338 of the Tariff Act of 1930—a provision never previously used—the measures affect annual trade exceeding $700 billion, prompting warnings from the U.S. Chamber of Commerce and The Canadian Chamber about supply chain disruptions.
- Officials indicate no new trade talks are currently planned, and Carney promised government financial support for affected businesses "for as long as it takes," including potentially beyond the current U.S. administration.
32 Articles
32 Articles
Trump’s Canada tariffs take force, firing up trade war
What happenedPresident Donald Trump’s 50% tariffs on $20 billion in Canadian imports took effect Saturday after negotiations collapsed. Canadian Prime Minister Mark Carney said U.S. negotiators “asked too much and offered too little,” and Ottawa would roll out “dollar for dollar” retaliatory tariffs starting Sept. 8. Trump’s latest tariffs cover about 5% of Canadian imports, ranging from wine, dairy and hockey sticks to overcoats and some Christ…
Toronto, Canada, Aug. 24 (EFE).- The trade war between Canada and the United States has entered a new phase following the failure of bilateral negotiations that have stalled on issues of sovereignty, cultural policy and the automobile sector.The result is the imposition by Washington of tariffs of 50 percent to about 20 billion US dollars (about 28 billion Canadian dollars) on Canadian products and the announcement by Ottawa of equivalent repris…
US Trade Representative Jamieson Greer held Canada responsible for the failure of trade talks last Friday
The Toronto Star
Loonie down in late-morning trading as U.S. imposes tariffs and Trump threatens more
TORONTO - The loonie fell against the U.S. dollar in late-morning trading as the U.S. imposed 50 per cent tariffs on roughly $28 billion worth of Canadian goods and President
After the failure of trade negotiations with Ottawa, Donald Trump declared on Monday, in a message published on social networks, that US tariffs on cars, trucks, auto parts and steel produced in Canada will be raised to 50% starting January 1, 2027.
The Canadian dollar weakened on foreign exchange markets on Monday, losing ground not only against the U.S. dollar but also against other world currencies, including the euro, British pound and Japanese yen. Traders are reacting to the collapse of tariff negotiations, which resulted in the United States imposing a 50 percent tariff on selected goods from Canada worth about $20 billion, according to CNBC.
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