- Canada will impose retaliatory tariffs on US goods starting September 8 after failed talks
- US imposed 50% tariffs on $20 billion of Canadian goods affecting 5% of exports
- Canadian tariffs will target US steel, dairy, appliances, agricultural equipment, and electronics
Canada will impose retaliatory tariffs on a range of US goods starting Sept. 8 after last-ditch negotiations between the two countries failed to resolve their latest trade dispute, according to reports.
The move follows the United States' decision early Saturday to impose 50% tariffs on about $20 billion worth of Canadian goods. The new US duties will affect about 5% of Canada's annual exports to the US, including products such as hockey sticks and medical equipment, the Associated Press reported.
ALSO READ: Canada Suspends US Trade Talks; Carney Says Tariffs Will Be Matched Dollar For Dollar
Canadian Prime Minister Mark Carney said Ottawa would announce details of the retaliatory measures in the coming days. The tariffs will target US steel, dairy products, appliances, agricultural equipment, pulp and paper, and electronics, he said.
Carney said Canada had offered to withdraw its remaining retaliatory tariffs on US steel, aluminum and automobiles if Washington substantially reduced its own duties.
Ottawa had also proposed encouraging Canadian provinces to resume sales of US alcohol.
However, Carney said the US administration's final demands were unacceptable. "They asked too much and offered too little," he said, according to AP News.
The latest escalation has also raised concerns over the future of the North American trade agreement between the US, Canada and Mexico, which is considered crucial to industries across the region.
Canada had been seeking concessions from Washington on tariffs covering steel, aluminum, automobiles and lumber.
US Trade Representative Jamieson Greer blamed Canada for the breakdown, saying Ottawa had declined to finalise a deal under terms agreed earlier in the week.
Carney, however, blamed Washington, saying last-minute changes to the proposed terms were "unfair" and "uneconomic" and raised questions about the reliability of any agreement.
ALSO READ: Trump Announces 90-Day Tariff Waiver On Ground Beef Imports To Lower Prices
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
