Canada · Donald Trump · Bloomberg · Axios
U.S.-Canada trade talks collapse, large tariffs to take effect
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◎ Multiple-sources
Trade talks between the U.S. and Canada fell apart late Friday night, and both sides said steep new tariffs will go into effect.
Key facts
- Trump last month threatened to invoke Section 338 of the Tariff Act of 1930 to hit a slew of Canadian goods with additional 50% duties, including alcohol, hockey equipment, cement and dairy products
- Trade between the two countries totaled $376 billion in the first half of the year, per Census data, double China and trailing only Mexico
- Trade talks between the U.S. and Canada fell apart late Friday night, and both sides said steep new tariffs will go into effect
- It's an unprecedented breakdown in relations with the second-largest U.S. trading partner
Summary
It's an unprecedented breakdown in relations with the second-largest U.S. trading partner. Trump last month threatened to invoke Section 338 of the Tariff Act of 1930 to hit a slew of Canadian goods with additional 50% duties, including alcohol, hockey equipment, cement and dairy products. No president has ever used Section 338 to impose tariffs since it became law in 1930. The tariffs were scheduled to take effect at 12:01 a.m.