Canada has declined a trade deal with the United States, meaning 50 per cent U.S. tariffs on approximately $28 billion worth of Canadian goods will come into effect at midnight.
Prime Minister Mark Carney released a lengthy statement tonight confirming the decision and announcing that Canada will match the new 50 per cent U.S. tariffs dollar for dollar with retaliatory tariffs of its own.
Carney also announced that Canada has suspended trade negotiations with the United States and instructed Canadian negotiators currently in Washington to return home.
Based on Carney’s statement and reporting throughout the day, it sounds like Canada and the United States had been extremely close to reaching a deal.
But according to the prime minister, the United States made last-minute changes to the proposed agreement that Canada was unwilling to accept.
Carney described those changes as “unfair, uneconomic, and called into question the reliability of any deal.”
The prime minister also said his government will announce additional measures in the coming days to support Canadian workers and businesses affected by the escalating trade war.
More to come.
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