Canada drops $20B in revenge tariffs on the U.S. after trade talks implode
The usually polite northern neighbors have had enough, matching new American duties dollar-for-dollar on over 700 products.
Trade talks between Washington and Ottawa collapsed after Canadian negotiators packed their bags and walked out, immediately slapping retaliatory tariffs on $20 billion worth of American goods.
The countermeasures hit over 700 products with taxes ranging between 15% and 50%, targeting everything from steel and timber to dairy, seafood, and appliances. Donald Trump wasted no time venting on Truth Social, suggesting the U.S. might just rename Lake Ontario to "Lake America" since doing business with the north is going so well.
Canadian Prime Minister Mark Carney fired back that Canada is nobody's subsidiary and won't accept a deal that treats its economy like second-class collateral.
Nothing screams stable geopolitical alliance quite like threatening to rebrand shared freshwater lakes over timber duties.
Source: CNBC
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