New 50% U.S. tariffs on about $20 billion of Canadian goods took effect Saturday after last-minute trade negotiations collapsed, prompting Canadian Prime Minister Mark Carney to pledge matching retaliation. The duties apply to hundreds of Canadian products, including plywood, alcoholic beverages, electrical equipment and hockey gear, with Carney saying Canada would respond dollar for dollar to protect domestic workers and businesses. The two governments blamed each other for the failure to reach an agreement, with U.S. Trade Representative Jamieson Greer citing new Canadian demands and reversals of earlier commitments, while Carney said Washington had made last-minute changes that were unfair and economically damaging. The breakdown escalates trade tensions between two countries that exchanged almost $900 billion in goods and services last year, after President Donald Trump announced Tuesday that a deal had been reached less than two hours before the tariffs were initially scheduled to begin. A draft agreement under discussion would have reduced U.S. tariffs on some Canadian steel and aluminum products to 25% from 50% and lowered duties on Canadian automobiles to 15%, while Canada would have removed retaliatory measures imposed last year, including tariffs on U.S. vehicles. The new tariffs were imposed under a previously unused provision of the Tariff Act of 1930, which allows duties against countries deemed to discriminate against U.S. commerce, though major Canadian natural-resource exports, including crude oil, potash and critical minerals, are excluded.
Molson Coors Brewing Co Class BTariffs on Canadian alcoholic beverages could impact Molson Coors' Canadian operations and exports.
Cleveland-Cliffs Inc
Nucor Corp
