Trump's New Canada Tariffs Threaten Economy, Business Groups Warn

US President Donald Trump imposed new 50% tariffs on certain Canadian goods on Saturday, August 22, affecting products worth approximately $20 billion. The move follows failed trade talks on Friday and has drawn sharp criticism from Canadian officials. Canadian Prime Minister Mark Carney called the situation a trade war, promising retaliatory tariffs on US products like steel and dairy by September 8. Business groups warn the escalating dispute will raise costs for companies and consumers while disrupting supply chains. The Business Roundtable, representing major US corporations, urged a return to negotiations and preservation of the USMCA trade agreement. Small business advocates warn that 40% of Canadian exporters face significant losses from the new tariffs.