Canadian prime minister Mark Carney has promised to match US tariffs “dollar for dollar”, after the two sides failed to agree a trade deal by the midnight deadline. The US is imposing 50% tariffs on $20bn worth of Canadian products after last-ditch negotiations failed to resolve the latest strain in already tense relations between the historic allies. But the political impact will likely be even bigger than the economic fallout.
The countries sold each other $880bn worth of goods and services last year. The tariffs were initially supposed to kick in at 12.01am Wednesday. Trump extended the deadline for three days to allow talks to continue, but the two countries still could not reach an agreement in time.
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