Canada hits back with tariffs up to 50% on US goods

Canada announces 'dollar-for-dollar retaliatory tariffs on US goods as high as 50%, targeting nearly C$28bn worth of American products, escalating the trade war. The Canadian tariffs target US goods from steel to furniture, fresh tuna and cotton T-shirts, announced Tuesday, with tariffs set to come into effect on 8 September, with tariffs on Canadian goods after trade talks collapsed late last week, with each side accusing the other of making last-minute demands that are unreasonable. Finance Minister François-Philippe Champagne said that Canada's retaliation is in response to 50% tariffs imposed by the Trump administration on a range of Canadian goods after trade talks collapsed late last week, with each side accusing the other of making last-minute demands that are likely to see increased trading costs ultimately hitting businesses of all sizes and consumers through potentially higher prices.