Trump administration tariffs on Canadian goods take effect Wednesday unless last-minute negotiations with Ottawa succeed.
The US is poised to impose 50% tariffs on $20 billion worth of Canadian imports, including hockey sticks and wine, starting Wednesday. The move follows unsuccessful last-minute talks between President Trump and Canadian Prime Minister Mark Carney to avert the duties, which aim to bolster US domestic producers by raising prices on competing goods.
The tariffs would expand existing trade barriers between the two nations, marking another escalation in protectionist measures under the Trump administration. Previous rounds of tariffs have targeted steel, aluminum, and other key Canadian exports, straining bilateral trade relations.
Markets reacted cautiously, with the USD/CAD pair rising 0.20% to 1.3900 as investors weighed the potential economic impact of the new duties.