The United States and Canada failed to reach a trade agreement late Friday evening, as reported by both sides. As a result, the US intends to impose 50% tariffs on certain imported goods from Canada.
A high-ranking official in the Trump administration stated that Section 338 tariffs on Canadian goods worth approximately $20 billion will take effect immediately after midnight on Saturday.
Canadian Prime Minister Mark Carney announced the suspension of trade negotiations, as well as that Canada would respond to the new tariffs symmetrically.
The decision by the US administration was made after three days of negotiations held in Washington between Canadian Trade Minister in the US Dominic Leblanc and US Trade Representative Jameson Greer.