US-Canada negotiations break down! US: Imposes 50% tariffs; Canada: Will impose equivalent tariffs.

[Canada Announces Suspension of US-Canada Trade Talks and Reciprocal Countermeasures] Canadian Prime Minister Mark Carney issued a statement late on the 21st, announcing the immediate suspension of trade negotiations with the United States and the recall of the Canadian negotiating delegation.

The statement said that the United States plans to impose a 50% tariff on $20 billion worth of Canadian goods starting at midnight local time on the 21st. To protect the interests of its businesses and workers, Canada will implement reciprocal tariffs in return. Carney stated that the last-minute amendments proposed by the US were "unfair and illogical economically," preventing the negotiations from reaching an agreement that meets Canada's objectives.

The Canadian government will introduce further measures in the coming days to address the impact of the US tariffs. Reuters quoted a US government official as saying that during the negotiations, Canada wanted tariff reductions in more areas, but the US was unwilling.